Gambling on stability
Background
While the USD's slide against the euro has been a protracted affair - first getting under way in the first quarter of 2002 - its most recent fall has been by far the most dramatic. Of the 83% rise in EUR/USD over the past seven years, nearly one-tenth of this appreciation has transpired over the past quarter alone. Whereas structural issues and the diversification of USD reserves by Asian central banks might explain the more 'leisurely' portion of this trend, its more aggressive
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