“All I ever asked for was an unfair advantage”, said an oil trader to me many years ago.

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The United States dollar, as measured by its broad real effective exchange rate, probably has started a bear trend and will decline a notable amount from its recent high.

The United States dollar’s glorious bull charge has lasted for a very long time, over eight years, dating back to July 2011. Marketplace history is not marketplace destiny, but the duration of and the distance travelled in the dollar rally is comparable to other extensive ones of the past few decades.

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Trade Wars and Currency Trends in the Trump Era (11-7-19)