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The U.S. currency has surged against emerging markets, while holding relatively stable against the euro and yen
This year has been a tale of two dollars.
The U.S. dollar’s strength has buffeted stocks and bonds in poorer countries, raising concerns that further appreciation in coming months could destabilize the emerging world.
Yet the dollar in recent weeks has slipped against some of its developed-market peers like the euro and yen, even as the outlook...