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US dollar: special focus
The dollar suffered as a result of the Federal Reserve's massive quantitative easing programme. In 2012 it was the second-weakest performing G10 currency after the yen. That helped extend the bear trend that the dollar has been trapped in since 2002. But now, sentiment towards the dollar appears to be turning. Many believe that US growth is set to be the strongest among developed nations and that, while it will not happen immediately, the Fed will be the first among the world's big-three central banks to start withdrawing monetary stimulus. Could the 11-year regime of dollar weakness be about to end?
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