Jeff Snyder
👤 SpeakerAppearances Over Time
Podcast Appearances
It's 57 percent the euro.
And the euro has had a good year against the dollar.
But even the overall narrative misses a lot of context.
And a lot of context is the dollar had a major spike at the end of last year and the early part of this year.
So the base comparison is off to begin with.
The dollar isn't crashing.
It isn't even actually going lower.
The dollar is down from extreme levels earlier this year.
What is the dollar actually?
You mentioned a couple of factors.
Everybody mentions interest rate differentials, Fed policies.
Those don't actually matter.
They matter in certain situations like the U.S.
dollar versus the Canadian dollar.
But you look at, say, for example, the Japanese yen versus the U.S.
dollar.
The Japanese, the Bank of Japan is raising rates.
JGB yields are going up.
At the same time, U.S.
rates are going down.