Robin Griffiths, technical strategist at Cazenove Capital:
“The dollar trade-weighted is clearly in a downtrend, it does have days when it rallies,
but it’s basically persisting downwards and each potential support level breaks”
“With US interest rates expected to stay near zero for some time, the greenback has
now taken over from the yen’s 20-year reign as the main carry-trade currency”
“What that tells you is that many people wanting to invest anywhere go and borrow some
dollars to do it with. Because they’re institutionalized in the opinion that — by the time
we pay this thing back it will be worth less”
“That’s extremely unhealthy and if this trend goes much further, like taking out the low
of one-year ago … we’ll have a fully fledged dollar crisis and that will knock on across all
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