In the last week of the year, the US dollar succumbed to broad selling pressure. Nearly all the major currencies appreciated by at least one percent against the dollar, save the Japanese yen, which gained about 0.6%. There did not seem to be a macro spark for the sell-off. Ironically, the consensus appears to be a mirror image of a year ago. At the end of 2016, with the prospect of populist winning European elections, and the promise of strong fiscal stimulus in the US, investors and speculators were bullish on the dollar. Now it seems that nearly everyone is bearish the dollar. Evidence that the synchronized ... (full story)
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