Dollar rebound won’t last
Similar to a year ago, the dollar closed near its lows at end-2004 and rebounded versus most currencies at the start of 2005. However, the comparison is superficial. Policy incentives outside the US to prop up the dollar have lessened, as economic recoveries have proved durable. Therefore, the key force depressing the dollar -- the stretched willingness of non-residents at the current exchange rate to acquire US assets -- will probably come to the fore as the year progresses.
External imbalances
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