The dollar debate is backThe dollar is once again caught between debasement fears and stubbornly resilient US fundamentals. Fiscal dominance, interventionist policy, geopolitical friction and renewed demand for dollar puts are reviving the “Sell America” narrative, while gold continues to behave as if the debasement trade is very much alive.Yet DXY itself remains stuck in the middle of its long-running range, and there is still little evidence of a broader exodus from US assets. The narrative is getting louder. The price action has yet to confirm it.