Billionaire investor Stanley Druckenmiller is betting against the US dollar as his only high-conviction trade in what he believes is the most uncertain environment for markets and the global economy in his 45-year career.
Druckenmiller, who as George Soros’s right-hand man helped break the Bank of England in an assault on the pound in 1992, said he felt confident taking a negative position against the greenback because of his dim view of US policymaking.
The US dollar, which rallied strongly last year, has already declined by 10 per cent against a basket of other leading currencies since a November peak, but Druckenmiller believes it has much further to fall.
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