A breathtaking surge in the U.S. dollar trampled foreign currencies, gouged corporate profits and gave investors one of the year’s few winning trades. Though the greenback has stumbled in recent weeks, recession worries may keep it elevated in 2023.
At its September peak, the dollar stood at its highest level in nearly two decades after rising some 20% against a basket of currencies. Those year-to-date gains have been roughly cut in half as investors bet the Federal Reserve is closer to slowingthe pace of the rate increases that helped fuel the dollar's gains.
Reuters
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