The ECB is loosening policy just as the Fed gets ready to tighten it. The result is a massive, epochal shift in exchange rates.
''The euro’s giddying descent continues. And we aren’t
anywhere near the end of it yet, according to some of the biggest
players on the world’s foreign exchange markets.
Europe’s single currency fell to a new 12-year low of $1.0560 against
the dollar Tuesday, buckling under a wave of freshly-printed money
issued under the European Central Bank’s new quantitative easing
program. It’s now fallen an astonishing 18% against the dollar in just a
little over four months..''
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