Investors are chasing the US dollar to new highs against a broadening range of currencies, as markets adjust to the diverging outlook for the world’s major economies and the prospect of interest rate rises by the Federal Reserve.
The dollar hit a six-year high of Y106.39 against the yen yesterday and climbed to its highest level in 14 months against a basket of currencies.
The dollar’s rally underlines the contrasting monetary policies on either side of the Atlantic. The European Central Bank is expected to loosen policy further to combat the threat of deflation even as the Fed prepares to set out new details on how quickly it will raise rates.
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