The Big Take
The Strong Dollar Is Wreaking Havoc Globally — And It’s Just Getting Started
- Dollar propelled higher by Fed hikes, fear of global recession
- 'No kryptonite' to blow up greenback's strength any time soon
On July 13, the euro on fell to parity with the dollar for the first time in nearly 20 years.
Photographer: Thomas Padilla/AP Photo
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George Boubouras was at his home in east Melbourne, taking in a cricket match, when his phone suddenly blew up.
It was late on July 13, about 10:45 p.m., and there was an urgency to the texts and calls that came flooding in. The euro had just crashed through parity against the dollar, a level once almost unthinkable, and everyone — clients, fund managers, traders — wanted to know what Boubouras, the head of research at K2 Asset Management, recommend they do. His response was simple: “Don’t fight the dollar right now.”