From Watoday.com.au
But the sense of relief has been clouded by growing fears about the future of the US dollar, as the massive growth in the US national debt fuels an exodus from the world's reserve currency.
The US dollar soared in the first months of the crisis, as investors flocked to what they saw as a safe haven. But since March it has fallen more than 10 per cent against other global currencies - and 30 per cent against the Australian dollar - as investors fear it will not remain safe.
As reported in Business Day yesterday, central banks globally added $US413 billion to foreign currency reserves in the June quarter, a six-year high. But 63 per cent of that growth was in euros and yen, and just 37 per cent in the US dollar.
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