The first day of the G20 Summit has been overshadowed by fresh accusations that the US is deliberately engaging in a policy of weakening the dollar and that this is somehow underhand or reprehensible. A lot of this criticism appears to be muddled. If, as we believe, the level of the currency is still much further down the list of US policy priorities than widely supposed, this could be one more reason why the current negativity towards the prospects for the dollar is overdone.
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