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Dollar Rides Wave of US Exceptionalism to Reign Supreme
There’s a subtext to this year’s blistering rally in US risk assets: When it comes to the dollar, there is no alternative. The greenback is just shy of the record it reached during the pandemic and on pace for its best year since 2020. As measured against the currencies of America’s largest trading partners, it’s a lofty 17% above its average over the last two decades. Wide-ranging indicators of continued US strength have fueled the recent gains, and the economic resilience has forced traders across markets to rapidly dial back expectations for imminent monetary easing by the Federal Reserve. Dollar bears now ... (full story)