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.

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