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Surging dollar stirs market buzz of a 1980s-style Plaza Accord
By Ruth Carson and Amelia Pollard
Wednesday, May 18, 2022
The dollar's skyrocketing rise has some contemplating a rare, if not unthinkable, action: major nations agreeing to manipulate the US currency until it falls.
It has happened before -- most notably with 1985's Plaza Accord -- which took place against a backdrop of soaring inflation, an aggressive Federal Reserve rate-hike campaign, and surging dollar. In other words, a scene that looks a lot like today -- a parallel that won't be lost on Group-of-Seven finance ministers and central bank governors as they meet this week.
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Demand for the greenback has been relentless this year, the result of interest rates rising quicker in the US than other developed economies and the war in Ukraine prodding a stampede to the ultimate haven.
The dollar's 6.3% surge since the start of the year has clobbered the yen to a two-decade low and put the euro almost back to 1-to-1 parity with the US currency for the first time since 2002. Investors are lasering on the yen tumbling to 150 per dollar and the euro falling below 90 cents as a potential line in the sand. ...
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