The US dollar, fuelled by a combination of aggressive Federal Reserve monetary policy and haven buying, is trading near its strongest level in decades, steamrolling currencies from Hungary to New Zealand.
High on that list are the surge in inflation, risks to energy supplies and the deterioration of so-called peripheral bond markets, such as Italy’s, whose issues are being exacerbated byThese problems underpinned the central bank’s decision on Thursday to raise its benchmark rate by half a percentage point – its first increase in a decade – and provide further details about its newest bond-market instrument, which is aimed at preventing a splintering of the euro area.
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