Only one major currency has strengthened against the dollar since July 2011

The trade-weighted US dollar bottomed in July 2011. It’s rally against every major world currency except one. From a July 30 research note by Deutsche Bank’s George Saravelos (via Mike Bird):

The dollar is no longer correlated to risk appetite, the world’s major funding currency is now the euro. The dollar’s rally has been similar in EM and DM, except China. The Remninbi is the world’s only major currency to have strengthened versus the dollar since the up cycle began.

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