The dollar might be the currency of the US, but its weakness is increasingly the rest of the world's problem.
Yesterday, the dollar's trade-weighted index hit a new 12-month low at 76.05. The Bank of Korea was rumoured to have intervened in the market and the Swiss National Bank sabre-rattled, warning that it could also do so.
Dollar weakness is not a problem right now for the US but the corresponding strength for other currencies is a classic threat to those economies, stifling exports just as policymakers struggle to kick-start growth.
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