Forex▲ Bullish
US Dollar Hits 13-Month High as Tech Selloff Fuels Safe-Haven Bids
The greenback climbed to its strongest level in over a year as a technology-led equity rout drove investors toward safety, with rate hike expectations adding to the bid.
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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.