The ghost of Bentsen

The current dollar cycle has echoes of the cycle in the early 1990s, which culminated in record lows against the (synthetic) euro and yen in 1995. The economic and policy backgrounds also parallel this period, and suggest that dollar weakness will continue in 2004. US treasury secretary Lloyd Bentsen presided over this earlier period of dollar weakness, and current US treasury secretary John Snow looks to be from the same mould.

The dollar is suffering a major hangover, making multi-year

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