US Dollar Hits 13-Month High as Tech Selloff Fuels Safe-Haven Bids

The US dollar climbed to a fresh 13-month high Wednesday. A technology-led equity selloff drove investors toward safe-haven assets, lifting the greenback. The dollar gained against a basket of major currencies, including the euro, yen, and sterling.

The move followed a broad decline in technology and semiconductor stocks. The selloff deepened through Tuesday's US session and carried into Asia-Pacific trading. The broader market remained under pressure, with the technology sector extending a weeks-long decline.

The dollar's advance coincided with growing expectations of further Federal Reserve rate hikes. Investors priced in a higher likelihood of additional tightening, adding to the greenback's appeal. The Fed has raised rates several times this year, and the latest selloff reinforced expectations of further action.

Commodity-linked currencies, including the Australian and New Zealand dollars, weakened. Risk appetite waned. Gold and bitcoin also declined.

The dollar's rally has been broad-based. No single major currency was spared. The greenback's rise to a 13-month high showed the strength of safe-haven demand during the tech selloff.