The most important happening during the period under review (February 24 – March 10) was in our view the 3% decline seen in the dollar against the euro.

This latest fall means the dollar is now worth 20% less in relation to the euro than it was a year ago and 14% less than just three months ago. The greenback has also fallen 8 % against the yen, and even against currencies such as the Australian dollar (-13.5 %) and Brazilian real  (-12 %).

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