The value of a fall

The changing appetite for different kinds of assets has seen the dollar change from a pro-cyclical currency into a counter-cyclical currency. This evolution reflects the changing nature of growth and investment opportunities around the world.

The dollar's role as an anchor currency is also coming under threat, partly because the US is no longer the global price-setter of commodities, but also because the euro is starting to reach critical mass as a reserve currency. We remain concerned that the

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