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Amid all the global sturm und drang, the US dollar is cruising at near two-decade highs once more. The Bloomberg Dollar Spot Index has been on quite a ride since the pandemic, but recently gained strength once more and appears to be consolidating at levels comfortably higher than pre-Covid. Meanwhile, the decline of emerging market currencies against the dollar continues unabated. JPMorgan’s popular measure of EM foreign exchange is again close to its all-time low.