The U.S. dollar's resurgence in recent months is tied to fears of financial instability, but it's strength is like to to continue, according to the Wells...
The U.S. dollar’s resurgence in recent months can be boiled down to fears of financial instability, according to an analysis by the Wells Fargo Investment Institute.
The dollar rose dramatically in 2022 as stocks and other financial assets dropped as the Federal Reserve began raising rates at one of the quickest clips in decades, with a surging greenback wreaking havoc around the world. The dollar’s pullback from its September peak prompted some speculation about whether the dollar might eventually lose its crown as the world’s reserve currency, as MarketWatch’s Joseph Adinolfi wrote in April.
Default averted The dollar has stayed elevated in June after a debt-ceiling resolution was hashed out, avoiding a catastrophic U.S. default. Fed-fund futures also recently point to only a single, 25-basis-point rate cut this year. “Now that these risks have faded, it is reasonable that the futures market is pricing less than one 25 basis-point cut by year end, and the dollar has risen back into the top half of its 2023 trading range,” Wilson wrote.
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