Firm dollar pushes world deeper into slowdown


On uptrend: A woman leaves a currency exchange office displaying the US dollar and the euro signs in Saint Petersburg. A closely watched gauge of the greenback has risen 7% since January to a two-year high. — AFP

NEW YORK: The soaring US dollar is propelling the global economy deeper into a synchronised slowdown by driving up borrowing costs and stoking financial-market volatility – and there’s little respite on the horizon.

A closely watched gauge of the greenback has risen 7% since January to a two-year high as the Federal Reserve (Fed) embarks on an aggressive series of interest-rate increases to curb inflation and investors have bought dollars as a haven amid economic uncertainty.

The Star Festive Promo: Get 35% OFF Digital Access

Monthly Plan

RM 13.90/month

Best Value

Annual Plan

RM 12.33/month

RM 8.02/month

Billed as RM 96.20 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

From the ashes of Fluff comes Big Mouth
Up in Arms - or up the value chain?
AI disruption fears rock markets
US LNG exporters lead in gas use
Private equity hits a sixer
Ringgit closes higher against greenback on cautious market sentiment
T7 Global subsidiary appointed panel contractor for PETRONAS
YTL inks RM200mil naming rights deal with Aviva for Bristol arena
KL High Court dismisses appeals of former Jalatama officers
Well Chip posts FY25 net profit jump to RM86.15mil

Others Also Read