Why the dollar is rising

Where once commodity prices were the dollar’s key driver, it now has a new master… but much still depends on China.

It’s coming up for six years since the crisis and Europe is drifting towards deflation, Japan towards recession and China towards a credit crunch. Meanwhile the Australian dollar drifts higher.

The main currency war has been between Japan and Europe, with the euro appreciating 40 per cent against the yen since the start of Abenomics in late 2012.


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