After feast comes famine for the dollar

The dollar is being confounded by various factors, not least reverberations from huge external US deficits, investor ‘fright’ and the more strident tone from the sirens of war. On top of all this came the latest slip-up by US treasury secretary John Snow signalling indifference over dollar weakness. Snow’s blunder echoes 1993/1994, when treasury secretary Lloyd Bentsen effectively ignored the dollar.

The combination of these headwinds has left the dollar severely battered. But beyond the short

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