Everyone in the world is long USD right now. The trade is crowded and for all the wrong reasons. United States has more debt and is the least solvent of all. If we do raise rates, we will likely plunge into recession as all of the rotten easy money investments turn south. In the long run Europe will be bowing to Germany for saving their currency by not allowing QE Money Printing. The Euro is at a major long term support level here and a rapid squeeze catching many off guard would not surprise me.