Global markets have experienced a tumultuous ride of late, December’s sharp risk–off move followed by a strong relief rally through January and into February. The market’s renewed confidence notwithstanding, risks to global growth loom ominously. US dollar. At present, the US dollar (DXY) is only marginally below its 2018 high of 97.4 at 97.1 (–0.3%). However, this follows a decline to 95.2 in early January, when concerns over trade and fiscal policy were at their peak, and the FOMC was yet to calm the market’s fears by highlighting a data-dependent, risk-aware approach to setting policy. As highlighted in our ... (full story)