Dollar rally affects popular trades of 2023

Reversing trend: A cyclist passes the Federal Reserve building in Washington, DC. Expectations that its tightening nearing an end would halt the stampede of cash that raced in to seize on rising rates have not materialised. — Reuters

NEW YORK: Mark Nash thought the US dollar’s rally was done.

It was late 2022, and his bets against bonds had paid off after the Federal Reserve’s (Fed) interest-rate hikes sent markets into a tailspin.