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The dollar was beaten up in July. It fell against nearly all the world's currencies except for a handful of emerging market currencies, including the Argentine peso and Turkish lira. It did not just fall against the major currencies, but it fell hard. The euro's 5.0% gain in July was its best monthly performance since September 2010. Sterling's nearly 5.6% gain was the most since May 2009. Gold, often seen as the un-dollar, surged by over 10% to a record high. It had rallied almost 12.5% in the previous three months.