US stocks are set to tumble again. Follow live updates:
jumped to a record high against the Mexican pesoThe greenback also rose against the Japanese yen — a traditional safe haven currency — to its highest level since February.The strong US dollar is slamming global capital markets like a sledgehammer today," wrote Stephen Innes, global chief markets strategist at AxiCorp.
He added in a research note that the"unbridled" demand for the world's reserve currency is causing extreme weakness in the Australian and New Zealand dollars, as well as the Korean won. Central banks in emerging markets are also in a"world of pain," Innes said, as they can't justify selling reserves of the dollar when their local banks are seeing a rise in demand for the currency.The British pound has also been routed. The currency has fallen to roughly $1.15, trading at its lowest levels against the dollar since the 1980s.
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