Has the “mighty greenback had its day”? asks Jonny Fry in City AM. Soaring debt levels and the failure of America to manage the Covid-19 crisis is undermining trust in the world’s reserve currency.
The ICE US dollar index, which compares the value of the greenback against a basket of other currencies, has advanced by just over 1% this year. The US dollar is considered a safe-haven asset, so its value surged during the market meltdown in March, only to retreat as the stock rally gathered pace.
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