The dollar depreciated much of the time last year, dropping from end-2019 to end-2020 by 9.0% against the Australian dollar, 8.2% versus the euro, 6.2% relative to the Chinese yuan and 5.0% against the Japanese yen. Those losses mask a well-bid first quarter that saw the U.S. currency attain its best trade-weighted value for the year late in March. From that cyclical high, the dollar had lost 5.4% by midyear and marginally more than 13.0% when it touched this year’s low two days ago. Putting the dollar in historical perspective, it is currently 28% weaker than its 1985 high but still 27% above its February 2008 low — ... (full story)