Getting your Trinity Audio player ready...
Foreign exchange market observers were scratching their heads and exporters were unhappy last week when the dollar reached its best level against the Japanese yen in more than 2 1/2 years.
Conventional wisdom, like baseball, had struck out again. Rising interest rates in the U.S. usually get the credit when the greenback strengthens. But Federal Reserve policymakers had just declined to boost short-term rates as evidence mounted of a weakening economy.
Go figure.
