Back in January, foreign exchange strategists predicted 2012 would be the year of the dollar. The US currency was expected to enjoy strong gains as a positive recovery story unfolded in America.
Instead, the dollar is stuck in a rut. Rather than soar, it has traded in a tight range against other big currencies as that economic recovery has looked less certain.
The dollar index, which weighs the US currency against a basket of other global currencies, is almost flat for the year-to-date, having risen just 0.3 per cent.
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