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The euro dropped 1.3% this week to 1.13, the low versus the dollar since July 2020. Euro weakness (stoked by ECB dovishness) comes at a particularly inopportune time for the emerging markets. The global “Periphery” had been on the receiving end of massive yield-chasing speculative flows since the start of pandemic stimulus, leaving it acutely vulnerable to a shift to “risk off” de-risking/deleveraging.
...read full article on Seeking Alpha
