The slide in the actively traded dollar index to its record low makes a final mockery of the US Treasury’s mantra that “a strong dollar is in the US’s interests”.

Henceforth, the foreign exchange market will view these comments with derision, while urging policymakers to act. The non-interventionist European Central Bank and US Federal Reserve would much prefer to do nothing for now in the hope that the dollar move does not turn into a rout.