Since the early 1970s when floating became generalised, the dollar has followed long-term downcycles then downcycles: three downcycles (-20% between 1970 and 1978, -42% between 1985 and 1995 and -36% between 2002 and 2011) and three upcycles (+52% between 1978 and 1985, +40% between 1995 and 2002, +5% between August 2011 and September 2022). Over the ...