How misaligned is USD?
Exchange rates have moved a long way over the past 12 months as broad dollar weakness has intensified and new records, even on a synthetic basis, have been established against the euro. USD/JPY has broken the critical 100 level for the first time since 1995, when it spiked to a low just under 80, while cable has been above 2 for the first time since the early 1980s. Such large and systemic shifts in exchange rates will play through international competitiveness, with devaluing currencies (the
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