Last Orders For The US Dollar?

“Last orders” is the cry one usually hears at closing time in an English pub. The beer spigots are turned off and the party’s over. One had a similar sense of finality for the US dollar last week following the announcement that the Korean central bank, which has some $200 billion in reserves, would “diversify the currencies in which it invests”, according to Reuters, citing a Bank of Korea (BOK) spokesman in a parliamentary report. The dollar fell sharply and the US market (although subsequently recovering) recorded its largest one-day fall in almost 2 years.