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The U.S. Dollar Is Gaining Like It's the 1980s — For Better or Worse

  • Currency heading for biggest two-year gain since 1984
  • World lost forum for effective policy coordination: Gyohten
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Why the U.S. Can Have Policies No Other Countries Can

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The dollar is in the midst of its strongest rally since 1984 and -- unlike then -- there may be little anyone can do to stop it.

Thirty years ago this month, the U.S. was powerful enough to muscle its way out of a damaging trade imbalance when it took financial markets by surprise with the Plaza Accord. In that agreement, it persuaded Japan, Germany, France and the U.K. to join in coordinated action to help weaken the dollar.