It’s Every Nation for Itself as Dollar Batters Global Currencies
- Japan acts, but no sign of a 1980s-style multilateral move
- US currency has been buoyed by higher Fed rates, haven flows
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Nations are being forced to go it alone in erecting defenses against the relentless strength of the almighty greenback, with no sign that governments are willing to act in concert.
Fueled by hawkish Federal Reserve policy, US economic strength and investors in search of a haven from market swoons, the greenback is surging relentlessly against counterparts big and small by the most in decades. On Friday, it pushed up to its highest level against the euro in 20 years, and was the strongest against the pound since 1985.