A closely followed U.S. dollar index hits a two-year high Monday as a global stock-market selloff and a plunge in commodity prices sparks a flight into haven...
The U.S. dollar was a prime beneficiary of a flight to quality Monday, with a closely followed index trading at its highest since March 2020 as expanding COVID-19 lockdowns in China and growing expectations for outsize rate increases from the Federal Reserve saw global equities continue to skid and commodity prices plunge.
‘Potent cocktail’ The dollar often serves as a haven during periods of geopolitical uncertainty and unsettled markets. Emmanuel who? Those events rendered the unexpectedly strong showing of French President Emmanuel Macron, who cruised to victory Sunday over far-right candidate Marine Le Pen, a “non-event” for the euro, Juckes said.
The dollar remained up 0.7% versus the Chinese currency USDCNY at 6.5488 yuan. In offshore dealings, the currency USDCNH traded at 6.577 per dollar, with the U.S. unit up 0.8%. The yuan has fallen sharply versus the dollar as China deals with signs of a sharp economic slowdown.
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