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Age of crisis leaves world's big currencies out of sync
Big global currencies are rarely on different paths. Yet Japan's yen and China's yuan are slumping against the dollar while in Europe the euro is outperforming and sterling is on a tear. With economic and monetary policy outlooks varying, currency moves are increasingly out of sync with each other. This is making the $7.5 trillion-a-day global FX market - operating in the aftermath of COVID-19 and the face of war in Ukraine and an energy crisis - more volatile and more unpredictable. "It used to be the case that if you got the direction of euro/dollar right, you had a good chance of getting everything else ... (full story)