Janet Yellen declared the US dollar's value should be determined by the market, but the new US Treasury Secretary gave it a push in one direction –down – through her clarion call for policymakers to "act big" on stimulus.
Her confirmation hearing vindicated traders who have pushed US dollar short positions close to two-year highs, as the person charged with being the guardian of the value of the world's reserve currency embraces potentially trillions of fresh debt as key to reviving US growth.
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Robert writes on companies and markets. He is a former New York and Shanghai correspondent, and has worked in Hong Kong. Email Robert at robertguy@afr.com.au
