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The Dollar Is on Track for Its Worst Day in 13 Years. That’s Good News for the Stock Market.
The U.S. Dollar (ticker: DXY), which measures the performance of the U.S. currency against a basket of others, was up 16% from the beginning of the year through the start of November. The main culprit was inflation data, which showed that prices of things like airfares, used cars, and clothes were falling, laying the foundation for the Federal Reserve to slow its pace of interest-rate increases. “It looks like the dollar died today,” said Edward Moya, senior market analyst at OANDA.
Source: Yahoo Sports