Dollar Tumbles as Fed Rescues China in the Nick of Time
The central banks of Europe and Japan discover that it is impossible to stave off deflation by debasing their currencies when everybody is playing the same game
by Ambrose Evans-Pritchard
Telegraph.co.uk
The US dollar has suffered one of the sharpest drops in 20 years as the Federal Reserve signals a retreat from monetary tightening, igniting a powerful rally for commodities and easing a ferocious squeeze on dollar debtors in China and emerging markets.
The closely-watched dollar index (DXY) has fallen 3pc this week to 96.44 and given up all its gains since late October. This has instant effects on the world’s inter-connected financial system, today more geared to the US exchange rate and Fed policy than at any time in modern history.
David Bloom, from HSBC, said the blistering dollar rally of the past three years is largely over and may go into reverse as weak economic figures in the US force the Fed to pare back four rate rises loosely planned for this year.
Continue Reading at Telegraph.co.uk…
Source: http://financialsurvivalnetwork.com/2016/02/dollar-tumbles-as-fed-rescues-china-in-the-nick-of-time/?utm_source=rss&utm_medium=rss&utm_campaign=dollar-tumbles-as-fed-rescues-china-in-the-nick-of-time
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