The Bloomberg Dollar Spot Index gained for second day on Friday, approaching a two-year high set last month as investors seek shelter amid concern Federal Reserve interest-rate hikes will send the global economy into recession.
Asian currencies were the biggest losers on Friday, with the Taiwan dollar, South Korean won and the Chinese yuan all dropping at least 0.5%. “After such a brutal selldown, you’re probably not wanting to plonk your money down anywhere else other than dollars when all you’re focused on is safety,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The dollar is the only safe prize in town right now.”
A mix of higher interest rates and geopolitical uncertainty has boosted Bloomberg’s dollar gauge by more than 6% this year. Relentless dollar strength has hammered the yen in particular, with Japan’s currency sliding almost 12% since the end of December as the nation’s dovish monetary policy diverges with the Fed’s hawkish rhetoric.“King dollar still has more to gain over coming months,” said Rodrigo Catril, strategist at National Australia Bank Ltd.
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