Investors are, belatedly, catching up with the real risk that US authorities will try to weaken the dollar.

Early in Donald Trump's presidency, the notion was waved away despite his comments suggesting an aversion to a strong currency. No way, the smart money said. It would be destabilising, probably counterproductive, and a break with long-held norms of the global financial system.

Two-and-a-half years later, long-held norms are for stone-cold losers, as Trump might put it, and the notion that ill thought-out counterproductive things do not happen is for the history books. Trade wars are now conducted by presidential tweet, so

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