Markets

The debasement trade is back as gold and bitcoin surge and the dollar slides - Business Insider

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DW NOTE

The dollar index is down 1.1% this week while gold is up 15.5% in August and bitcoin has climbed 21% — but oil is down 26% from its recent peak despite Hormuz being effectively shut. If this is a debasement trade, the market has picked a strange moment: fiscal deficits are running 3% above last year, but inflation has fallen to the Fed's target and rate cuts aren't coming. What looks like currency panic is happening while the dollar's actual fundamentals have stabilised.

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The debasement trade is back as gold and bitcoin surge and the dollar slides - Business Insider

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