For just a few weeks in February and March, forex strategists watched what appeared like a managed experiment. As army battle engulfed the Center East, oil ripped from $65 to $112, equities bought off, and the US greenback rallied.
By any textbook studying of the greenback smile, the forex had behaved precisely because the script demanded. Certainly, because the ceasefire took maintain and oil fell again beneath $100, the greenback resumed its pre-war drift.
Principle holds that the greenback appreciates when US development booms
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