“Irrational exuberance” became one of the phrases that shaped the financial lexicon of the 90s. It was how the Fed Chairman at the time (Alan Greenspan) described stock markets and the phrase remains a part of the language of financial markets to this day. The phrase of the year to date appears to be “the great rotation”, describing the move from bonds to stocks. With the Dow having hit another record high this week, are there potential implications of this for FX?
06/03/13 @ 10:40 GMT by Simon Smith, Chief Economist
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