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.
