Over recent years, investing in the world’s largest currencies has been a game of picking the ugliest currency. The dollar, the euro, and the yen all have structural flaws. The question for investors has been which one is the ugliest. Last year, the yen won the ugly contest. This year it looks like we are going to crown a new winner. The euro has fallen by about 6% versus the dollar compared to a 1.1% drop for the yen.
Jeremy Jones, CFA
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