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How many times over the last two days have you heard the word ‘dollar’ preceded by plummeting? Given all the attention, the greenback must be down big right? Well not exactly. While the currency is down nearly 10% from its early June high, the US Dollar index is still up 3.3% on the year, which is actually more than 100 basis points better than the YTD return of the S&P 500.
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