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9 May 2022

Dollar Surges to Two-Decade High amid Slowing Economic Growth and Ukraine Crisis

The Index Today

On Monday, the dollar soared to a two-decade high as investors flocked to the greenback amid mounting inflation and slumping economic growth marked by the Ukraine-Russia crisis and the lockdowns in China.

As per Reuters, the dollar index has surged by almost 9% this year, hitting its highest since late 2002 at 104.090 on Monday by 2:21 am ET. The safe-haven surged to a 22-month high against the New Zealand dollar and inched up by 1% to a three-month high against the Australian dollar. It also edged higher by 0.4% against the Japanese yen, looming near a two-decade high at 131.00 yen, while also marking a 0.3% gain against the Swiss franc.

NatWest Markets’ strategists contended, "Moves in U.S. interest rates are not the only dollar support." They added, "Downside risks to global growth stemming from Ukraine and China are more pressing for Europe and Asia relative to the U.S., creating an air of 2018-style dollar exceptionalism."

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