The race for a devalued currency is set for a new set of twists and turns this summer as analysts contemplate how the U.S. Federal Reserve will deal with a dollar that is far stronger than its global counterparts. According to Societe Generale’s Albert Edwards, the spark for this new round of “currency wars” – whereby countries manipulate foreign exchange to gain a global advantage — is the Japanese yen, which fell to its weakest against the greenback since 2002 on Tuesday. The uber-bearish strategist predicts that “off the scale” quantitative easing (QE) by the Bank of Japan could see it continue to weaken … (full story)
