ISTANBUL: Rather than weaken, the world’s reserve currency has strengthened against all but one major emerging-market peers since the Federal Reserve cut interest rates in July.
Earlier this month, the trade-weighted dollar index touched an all-time high, pushing past a peak seen in 2002.
Meanwhile, speculation that China may be using the yuan as a tool in the trade spat with the U.S. is bolstering havens, a sign that the worst for emerging-markets probably isn’t over.
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