What a 女性 dollar means for the world and 投資家s: HAMISH MCRAE
The dollar is getting 女性 ? and it's going to get 女性 still. By Friday, the 続けざまに猛撃する was up around $1.37, の近くに to its highest for four years, and I 推定する／予想する it will climb above $1.50.
That's still a long way from the heady days before the banking 衝突，墜落 in 2007 when it was last above $2, but a lot more respectable than the sub-$1.20 level during the awful autumn of 2022.
But before you think this is some sort of 裏書，是認 of the 政策s of our 現在の 政府, this isn't much to do with the 続けざまに猛撃する. It's a story about America, not about the UK.
Talk to people here in the US and, depending on their politics, you hear a mixture of triumphalism and grudging 尊敬（する）・点 for what has happened in the past few days. No surprises there.
株 prices are 支援する to their 史上最高s. But, for anyone に引き続いて 経済的な 政策, there was a 乱すing 開発: Donald Trump has stepped up his 運動 to 土台を崩す Jerome Powell, 議長，司会を務める of the 連邦の Reserve.
The 大統領 has been characteristically 不快な／攻撃 about the 長，率いる of the US central banking system for some time, calling him 'a very stupid person', 'terrible', 'numbskull', 'having a low IQ for what he does' and so on.
On the slide:?The dollar is getting 女性 ? and it's going to get 女性 still
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But the markets are so accustomed to these 侮辱s they 小衝突 them off. Powell is in 地位，任命する until spring next year and they will decide then whether the change of the Fed 議長，司会を務める will 転換 政策.
They know Trump wants cheaper money ? he's a 所有物／資産／財産 developer after all ? but the Fed is 独立した・無所属, and they will wait until they know who the new 議長，司会を務める will be before making any 発射／推定s about 利益／興味 率s.
But now Trump has ramped up the 容積／容量. Instead of waiting until next year, he 討議するd the idea of 発表するing Powell's 後継者 this autumn, その為に creating a 影をつくる／尾行する 議長，司会を務める whose presence would 土台を崩す his 当局 in his final months. 指名するs in the でっちあげる，人を罪に陥れる 含む Scott Bessent, the 財務省 長官.
必然的に a 影をつくる／尾行する 議長，司会を務める would 増加する the 圧力 on Powell and the 残り／休憩（する） of the board through the autumn as market 期待s of looser 政策 to come would be hard to resist.
So the US seems likely to get lower 利益／興味 率s sooner than was 推定する／予想するd. And lower 利益／興味 率s mean a 女性 dollar.
There are other 軍隊s at work. International 投資家s are wondering whether it's such a 広大な／多数の／重要な idea to 持つ／拘留する so much of their wealth in America.
Aside from the Powell spat, the 行政 does not want a strong dollar, because a cheaper 通貨 helps 上げる 輸出（する）s and 削減する 輸入するs. And if you take a longer-称する，呼ぶ／期間／用語 見解（をとる）, the dollar still looks high. Put all this together and you could 結論する that the dollar is 始める，決める to 落ちる その上の, maybe a lot その上の.
What does this mean for us in the UK? There are obvious 利益s, 含むing cutting the cost of 輸入するing dollar-denominated 商品／必需品s, 顕著に oil.
That should come through 公正に／かなり 速く to the pumps, though it won't help much to 削減（する） electricity prices, as we の近くにd our last oil-解雇する／砲火／射撃d 力／強力にする 駅／配置する ten years ago.
But やめる a lot of other goods, 含むing some foods, are 定価つきの in dollars, so a cheaper dollar could indeed help with インフレーション, so thanks for that.
But it won't help UK 輸出業者s to the US, and remember that Ame rica is our biggest 選び出す／独身 overseas market. Nor will it help most of the big British companies that 支配する the FTSE 100 索引, as much of their 全世界の 歳入s are in dollars.
It will also 押し進める 負かす／撃墜する the 英貨の／純銀の value of the 大臣の地位s of UK 投資家s who have done 井戸／弁護士席 out of the US 株 price にわか景気.
Looking その上の ahead, the 広大な／多数の／重要な question is whether this is 簡単に a sensible course 是正, or something bigger and 潜在的に more 破壊的な.
その上の 平価切下げ of the dollar is no bad thing. In 英貨の／純銀の 条件, $1.50 feels 罰金 and there could be an overshoot to $1.60.
But no one should wish for a dollar 崩壊（する）. That would hugely 混乱に陥れる／中断させる 全世界の 貿易（する）, 投資, everything. You could say the world needs a solid dollar, but not an almighty one.
The world needs a solid 米国紙幣, not an almighty one.
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