Dollar Rally Is Crushing One of the Most Popular Trades of 2023
- As US defies slowdown calls, the dollar rally returns
- Gains fueled by a widening rift in the global economic outlook
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Mark Nash thought the US dollar’s rally was done.
It was late 2022, and his bets against bonds had paid off after the Federal Reserve’s interest-rate hikes sent markets into a tailspin. So his fund at Jupiter Asset Management, like many others, was placing a popular wager on the next phase of the cycle: As the Fed’s tightening neared an end, it would halt the stampede of cash that raced in to seize on rising rates — and the US currency would fall.