The Eurodollar Is What’s Happening—Not Quantitative Tightening or Rate Hikes

U.S. dollar and euro banknotes are seen in this illustration taken on July 17, 2022. Dado Ruvic/Reuters

Commentary 

What is wreaking so much havoc all over the world? You’ve probably heard that the U.S. dollar is rising often precipitously, which means any currencies caught on the other side of it—frankly, all of them—are being swept into crisis. This isn’t the first time, either, because during the last eight years or so this has happened repeatedly.