The return of PPP

Not so long ago the US dollar appeared to be down for the count. The currencies of many major economies were stronger than ever against the US after years of steady climbing. In a nine-month period, the UK, eurozone, Australia, Canada, Switzerland and Swedish currencies were 25% or more overvalued against the dollar on a purchasing power parity (PPP) basis. Currency strategists warned this trend would be short-lived as early as 2007, warning these leads on the dollar could not be maintained much

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