The reaction of Asian markets when they open for trading Monday will indicate whether this week's slide is a limited event or the beginning of a broader contagion, says Bank of New York's Woolfolk.

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"We've seen remarkable price action in the last 48 hours, " said Michael Woolfolk, chief currency trader at Bank of New York Mellon, who attempted to put a positive spin on events.

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Woolfolk agrees that once the risk aversion and safe-haven bid dissipate from the U.S. dollar then a bevy of negative factors will take hold of the greenback.

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