On Wednesday, the dollar hit its highest level since the early days of the pandemic and is on track to have its best month since 2015 as the Russian Ukraine war persists with no end in sight.
The US dollar index, which measures the greenback against a basket of six major currencies, hovered at 102.37, its highest level since March 2020. The dollar showed its bullish pace during the pandemic as investors sort a haven pushing the dollar index to a 5-year high of 102.82.
At the time of writing, the dollar index was trading at 102.22, up 0.99% within 5 trading days and 3% within the last month. The prospect of US rate hikes, as well as safe-haven flows fueled by weakening GDP in China and Europe, reinforces this shift.
For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah
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