Why a rising dollar risks unbalancing the world outside the US | Mohamed El-Erian

The sharp shift in exchange rates destabilises emerging economies and threatens trade talksArgentinian president Mauricio Macri’s government has asked the International Monetary Fund for a loan that it hopes can stem a peso rout that has driven up interest rates, will slow the economy, and threatens the reform programme. This reversal of fortune for the economy partly, though far from fully, reflects broader pressure created by the US dollar’s recent appreciation – a process th