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Hawkish Fed at Jackson Hole Is Poised to End US Dollar Rally
The dollar’s recent rally should soon cause global trade -- and therefore demand for dollar-denominated assets -- to decline, leading to a weaker US currency. The catalyst for such a drop could, paradoxically, be a more hawkish Federal Reserve at this week’s Jackson Hole gathering. Yields and yield curves indicate flow-driven demand for the dollar and USD assets, while the level of the dollar has implications for the stock of these assets. A higher dollar makes it more expensive for foreign borrowers of dollars to service their debt, generating deleveraging pressure. It also makes the cost of buying new dollar ... (full story)
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