By Stephen Lee
Stephen Lee is the chief economist at Meritz Securities, Seoul. Courtesy of Stephen LeeThe DXY (U.S. dollar index) ― measuring the value of the U.S. dollar against six major currencies ― stands at 92.89 as of July 21, its highest since April. The dollar depreciated in the 2nd quarter, on expectations that a global recovery would take place alongside a faster vaccination push. But the dollar has been rising again since June, this time on expectations that monetary policy will diverge between the Federal Reserve (FRB) and the European Central Bank (ECB), and concerns that a resurgence of COVID-19 will hurt the economic recovery.