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Behind the Money

The US dollar loses its crown

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4350 Ratings

🗓️ 8 February 2023

⏱️ 16 minutes

🧾️ Download transcript

Summary

The dollar dominated last year as the US Federal Reserve raised interest rates quicker than other countries to tame inflation. But the so-called “king dollar” has shifted recently. FT Capital Markets Correspondent Kate Duguid dives into how the greenback has been toppled from its throne and what that means for the rest of the world. 


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For further reading:

US dollar hits reverse gear as Fed cedes rate-rise ‘driver’s seat’

Dollar touches 7-month low as Fed rate rise expectations slide

The downturn in the dollar is not just about rates

Emerging market governments raise $40bn in January borrowing binge

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On Twitter, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07)


Read a transcript of this episode on FT.com




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Transcript

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The FT's Kate Doogood says that last year in currency markets there was one story that ruled them all.

0:37.0

It was about the rise of the dollar.

0:40.0

As the Federal Reserve started raising interest rates to control inflation in the U.S.

0:45.0

That sent the value of the dollar soaring.

0:48.0

You know, the U.S. dollar rose to its strongest level in 20 years, crushing kind of everything around it right we saw the

0:55.6

dollar rise to its highest level in 20 years against the euro its highest level in

1:01.0

30 years against the yen its highest level in 30 years against the yen,

1:02.8

its highest level in 40 years against the pound.

1:05.8

So yeah, it was the story of dollar dominance.

...

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