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“Davidson” submits:
There was considerable hand-wringing last year about the weakness in the US Dollar. The history in Nominal US$, Advanced, Emg… reveals the US$ has strengthened since Putin and Xi gained control in their respective domains. Volatility in the Nominal US$ vs Advanced Economiesand Emerging Economies comes from investment and trade capital. Often enough we see the —10yr Treasury Rate decline during periods of market stress, a sign of foreign capital seeking safety in 10y Treasuries. We also see declines in the US$ as headlines stress Emerging or Advanced economies as investment favorites.
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