Dollar surges to 2-decade high as investors seek refuge

FILE - A pedestrian walks past the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. The U.S. dollar’s value surged in April as investors sought refuge amid a growing list of uncertainties hanging over the market and the Federal Reserve’s aggressive shift to fight rising inflation. NEW YORK —

The U.S. Dollar Index, which tracks the value of the dollar versus the Euro, Japanese yen and other major currencies, is at its highest level in two decades. The greenback will likely remain stronger than almost all currencies through this quarter, said Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note to investors.

China’s strict COVID-19 lockdowns of Shanghai and Beijing are also reviving fears that the virus pandemic still poses a threat to the global economy. The International Monetary Fund cut its growth forecast for China’s economy because of the impact on commerce from lockdowns. The role of traditional safe haven has been behind the recent surge in the U.S. dollar’s value, but a slowing U.S. economy is likely to put that into reverse this year.

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