Mansoor Mohi-uddin: Beware the consequences of a resurgent greenback

Thorough article on currency regime shift: the change of the dollar from a safe haven to a growth currency

"This year the currency markets have been torn between fears over budget deficits in the eurozone and hopes that the global economic recovery is gathering pace. Amid all the noise and angst, however, a more profound change seems to be taking place, with the dollar starting to behave as a growth currency, appreciating at the same time as investors seek more risk in equities, commodities and emerging markets. In short, the exchange rate markets seem to be undergoing one of their periodic "regime shifts"..."