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The dollar and currencies

The dollar index, the euro, the pound and the yen: what moves currencies and how they spill into gold, oil and stocks.

Currencies are the quiet layer under every other market. When the dollar weakens, gold and oil usually rise, US multinationals earn more in dollar terms and emerging markets breathe easier; when it strengthens, the opposite.

Our coverage follows the dollar index and the major pairs, and separates moves driven by one economy from moves driven by the dollar itself.