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Dollar Sweeps Back as Haven of Choice as Everything Gets Sold

  • Norwegian krone, Aussie dollar among biggest losers on Friday
  • King dollar still has more to gain in coming months: NAB says
A currency exchange in Jakarta.

A currency exchange in Jakarta.

Photographer: Dimas Ardian/Bloomberg
Updated on

The dollar is powering ahead against almost all its major peers, buoyed by higher Treasury yields and a selloff in stocks that is turbo-charging demand for the world’s reserve currency. 

Bloomberg’s gauge of the greenback gained for second day, approaching a two-year high set last month as investors seek shelter amid concern Federal Reserve interest-rate hikes will send the global economy into recession. The risk-sensitive Norwegian krone and Australian dollar were among the biggest losers on Friday, while stock markets across the globe continued to tumble as investors flocked to the haven greenback.