6 months ago, all anyone could do was bitch and moan about the weak dollar. Well, dollar hawks got their wish, despite the counter-message, that a strong dollar would not be helpful to the economy. After all: the strong dollar makes our exports more expensive, hurting jobs in the export-oriented sectors.
So are we starting to see that?
That’s certainly one way to read the punk ISM manufacturing number that came out this morning. It will be a few months before we see if this is a real trend, but in the meantime, Chinese leaders can expect an earful from the US about letting the yuan strengthen.