The US dollar is on a tear as EUR/USD falls down to 1.1650 from 1.1700. Similar-sized moves across the board and the commodity currencies are giving back their gains.
It’s a big world out there and not many (if any) people understand it all. There isn’t a playbook for ‘what to do when a currency peg breaks’ but most of the world has no idea what’s going on and when they wake up to the kind of madness they see today, they say “The US has it’s problems, but they’re problems I understand and there is no funny business with USD. So until whatever is going on over in Europe sorts itself out, the USD is where I’m going to park my money.”
Plenty of people don’t like the US but any time anyone gets it trouble away from home, they wish they had a US passport so they could call the embassy.
