John Authers, Columnist

Dollar Strength Is Looking Like a New Normal

The US currency is benefitting from an America First economy, rates and stocks, and even Trump uncertainty.

February 26, 2024 at 5:40 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Good polling numbers for Trump are converting into a strong US dollar. But it’s more than that.
Photographer: Kent Nishimura/Bloomberg

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Amid all the global sturm und drang, the US dollar is cruising at near two-decade highs once more. The Bloomberg Dollar Spot Index has been on quite a ride since the pandemic, but recently gained strength once more and appears to be consolidating at levels comfortably higher than pre-Covid. Meanwhile, the decline of emerging market currencies against the dollar continues unabated. JPMorgan’s popular measure of EM foreign exchange is again close to its all-time low.