War Brings Out the Best in the Dollar
The dollar is finally behaving as it should, after six months when its haven status was undermined and usual economic relationships broke down. This could be a sign that its terrible run of weakness is nearing an end.
Israel's attack on Iran tested the dollar's status amid a flight to safety. The greenback passed: The ICE U.S. Dollar index is up about 1% since the first bombing. More important, the currency behaved as it should, rising on days dominated by fear and falling on days when fear receded.
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