To get John Authers' newsletter delivered directly to your inbox, sign up here.
Is the decline of the dollar over? The U.S. currency has been falling steadily ever since the world exited the initial stage of the Covid-19 crisis. It has done so in line with the spectacular decline in real yields. This makes perfect sense. With lower yields, there is lower “carry” to be earned by parking in the dollar, so the currency would be expected to weaken.