In the Dollar We Trust
Surging inflation and an ongoing economic slowdown should have hurt demand for the US dollar, and yet the greenback is at a 20-year high. The US economy’s relative strength and the Fed’s rapid monetary tightening will likely keep the dollar strong for some time.
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CAMBRIDGE – Despite rampant inflation and slowing growth, the US dollar keeps going from strength to strength. Since May last year, the greenback has risen by 28% against the yen and 20% against the pound. It has appreciated 19% against the euro, reaching parity for the first time since 2002.