A rise in the US dollar is the result of a change in sentiment that is running through financial markets, Ambrose Evans-Pritchard wrote. During the past month, the dollar has surged against the currencies of euro, sterling, Swiss franc and Australian dollar, but there is more to the movement than interest rates. "We are not witnessing a dollar rally so much as a collapse in European and commodity currencies," Evans-Pritchard wrote. "The race to the bottom has begun in earnest."

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