Winners and Losers in the Greenback Rally

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An upside surprise in the latest US inflation report is fueling speculation of interest rates that remain higher for longer, a trend that will ratchet up the financial pressure on highly indebted US consumers (not to mention their government). But there’s another aspect of a (forced) high-rate environment that bears further examination: a stronger-than-normal US dollar. The greenback was already undergoing an extended post-pandemic rally, of which the latest US inflation report has given renewed impetus, and these rising valuations continue to ripple through the global economy.

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