- April 26, 2022
- Posted by: Stratford Team
- Category: Economy
NEW YORK, April 26 (Reuters) – The dollar hit a two-year high on Tuesday as concerns about slowing growth in China and expectations that the Federal Reserve will aggressively hike rates boosted demand for the greenback.
The Japanese yen also rebounded as investors speculated that the Japanese central bank or government may act to stabilize the currency, which last week hit a 20-year low against the dollar.
Concerns about Chinese growth have increased with the financial hub of Shanghai having been under strict lockdown to fight COVID for around a month. Beijing overnight also ramped up plans for mass-testing of 20 million people and fuelled worries about a looming lockdown. read more
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Chinese growth concerns are “adding fuel to the fire that is dollar strength,” said Erik Nelson, a macro strategist at Wells Fargo in New York.
The Wall Street Journal also on Tuesday reported that Chinese President…
