The US Dollar Is the Big Winner in the War in Ukraine So Far.

America seems likely to emerge as the medium-term winner of this war. In the long term, the question remains open.

While it appeared weakened in the first months of the COVID-19 pandemic, the US dollar continues its spectacular recovery. The U.S. dollar is thus up against the vast majority of currencies. Against emerging currencies crumbling under the weight of inflation and rate hikes of course, but also against the currencies of developed countries.

Let's take the …