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The Big Take

The Strong Dollar Is Wreaking Havoc Globally — And It’s Just Getting Started

  • Dollar propelled higher by Fed hikes, fear of global recession
  • 'No kryptonite' to blow up greenback's strength any time soon
On July 13, the euro on fell to parity with the dollar for the first time in nearly 20 years.

On July 13, the euro on fell to parity with the dollar for the first time in nearly 20 years.

Photographer: Thomas Padilla/AP Photo

George Boubouras was at his home in east Melbourne, taking in a cricket match, when his phone suddenly blew up.

It was late on July 13, about 10:45 p.m., and there was an urgency to the texts and calls that came flooding in. The euro had just crashed through parity against the dollar, a level once almost unthinkable, and everyone — clients, fund managers, traders — wanted to know what Boubouras, the head of research at K2 Asset Management, recommend they do. His response was simple: “Don’t fight the dollar right now.”