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The mighty currency encouraged additional mostly speculative- capital flows into dollar-denominated assets, exacerbating the current account deficit. A strong dollar keeps the lid on inflation mainly by rendering imports cheaper. It, thus, provides the central bank with more leeway to cut interest rates.
To judge by the dollar's slump in world markets, yes. But a recent spate of bad economic news in Europe and Japan may restore the global appetite for dollar-denominated assets. This would be a pity and a blessing.
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