Haven no more? U.S. dollar ‘smile’ looks lopsided

News Snapshot:

This week’s steep dollar plunge may be more remarkable than it appears on first glance because the greenback has failed to respond positively to intensifying global political and market stress, suggesting a profound shift in market behavior may be afoot. One could argue that the dollar has simply been tracking U.S. interest rate expectations and debt yields lower over the past week. Both have been spooked by warnings of a rare contraction of the once bulletproof U.S. economy. But this was also a period in which Washington initiated its long-threatened trade war, undermining regional North American allies while also backing...