The writer is professor of economics and political science at the University of California, Berkeley
Dollar doom and gloom is in fashion. The broad dollar index is down about 10 per cent from mid-March. Most banks and forecasters expect the trend to continue, with some predicting that the greenback could fall 20 per cent or more in 2021.
Were this a surety, it would have happened already, of course. And we know that it’s precisely when all the smart money is on one side of the market that there’s the greatest risk of prices moving in the opposite direction.
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