The [dollar] is moving into a very dangerous phase, marking a change from the benign depreciation seen over recent years, which had generally been associated with higher asset prices. Instead, today’s moves are evolving into “fast markets” and the disorderly adjustments that policy makers abhor. No doubt policy makers will be looking with concern at the sharp fall in global equities in Europe this morning and concern will be growing that abrupt foreign-exchange adjustments feed into sharper losses in other asset classes and weigh on already slowing business and consumer confidence –Chris Turner, ING Bank
Real Time Economics
