On the 20th anniversary of Black Monday last month, there was much prognostication and opining from soi-disant market sages. Comparisons between equity markets then and now are wide of the mark. However, wind the clock forward five years from 1987 and look at currencies rather than equities and the parallels are compelling.
The last time before this year that the DXY index, which measures the strength of the dollar against a basket of other currencies, fell below 80 was September 1992.
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