US dollar is the horse to back

In the past few years, the US dollar has struggled against the other major currencies. The dollar index, which tracks its performance against that of its key trading partners’ currencies, has been treading water for three years. Against the pound, the dollar has slid to a six-year low. It is not far off a three-year low against the euro.

A currency’s strength usually boils down to expectations for growth and interest rate changes, says Ben Levisohn in Barron’s. Solid growth implies higher interest rates. That raises the yield on a currency, making it more appealing.

On this view, the dollar [...]

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