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The mighty US dollar, the world’s reserve currency and a safe port in an economic storm, has had a rough ride in recent months.
The greenback performed its traditional role as a global safe haven during the stock market meltdown in March, when investors rushed to buy dollars and sent its value soaring relative to lesser currencies.
Now, the opposite is happening. As Covid-19 vaccine success triggers hopes of a post-pandemic recovery and investor confidence rebounds, the dollar is falling in value. The dollar has done its job as a shock absorber, but investors are now looking elsewhere for higher returns.