Dollar Bears Vindicated by Landmark Week as Drop Accelerates
- Aussie surges to highest since 2018, pound breaks key level
- Goldman Sachs, Morgan Stanley, Citigroup all see weaker dollar
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It’s turning into a week of vindication for proponents of a weaker dollar as the case they’ve been making for years may be gaining steam.
The greenback is spiraling lower, probing levels last seen in April 2018, judging by a Bloomberg index. The tumble is part of a broader move across financial markets to price in brighter growth prospects for 2021 and the potential for superior investment opportunities outside the U.S., in large part as hopes for a coronavirus vaccine build.