Currency Buzz: DXY Resumes Upside Rally

26 Apr 2022 , 10:53 AM

The US dollar index has resumed its upside rally following a brief pause in early Asia after the greenback spiked to a fresh two-year high overnight. Investors flocked to the safe-haven currency amid fears about the economic impact of Chinas COVID-19 lockdowns and an aggressive pace of US rate hikes. Growing concerns about Chinas coronavirus outbreak in Shanghai extended to some Beijing districts and fears of wider curbs in Beijing are spooking investors already worried about the risk of a global slowdown as the Fed raises rates to tame inflation. The dollar index, which measures the greenback against six main peers, was at 101.61, after jumping 0.58% on Monday and hitting a two-year peak of 101.86. the index has gained 3.3% so far this month, which would be its largest month of gains since November 2015. Dollar climbed to around a two-year high against the euro and an 18-month high versus the pound.

Powered by Commodity Insights