Dollar Hits 17-Month High as Global Bond Rout Fuels Borrowing Costs
The US dollar strengthened to a 17-month high, marking its third consecutive week of gains. This surge is attributed to a global bond market rout that has driven borrowing costs to multi-decade peaks amidst rising inflationary fears, exacerbated by higher oil prices.
The US dollar was on track for a third consecutive weekly gain on Friday, holding at a 17-month high as a global bond selloff drove borrowing costs to multi-decade peaks amid inflation concerns over higher oil prices. Investors were reacting to a sharp worldwide bond rout that pushed yields higher across markets, with rising borrowing costs adding to fears tied to inflation and energy prices.