Since the first serious discussion of QE tampering on May 22, the US dollar has responded but more in emerging markets than in developed ones.
The EUR and JPY stand out as outperformers against the USD in August compared to the weakness seen in AUD, INR, BRL and IDR. Current account deficits don't work as a measure for markets either with NZD beating NOK, nor do commodities as CAD suffers even as oil races near the highs of the year.
Ultimately, the fate of the USD over the next month rests on more than just the FOMC QE tapering discussion September 19.
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