The Dollar Index hit a 20-year high of 109.44 points on Monday morning after the Federal Reserve warned of tightening financial conditions.
The U.S. dollar hit a two-decade high on Monday, responding to Federal Reserve Chairman Jerome Powell’s comments that the central bank will continue to tackle inflation “forcefully”—signaling further interest rate hikes.SOPA Images/LightRocket via Getty ImagesThe Dollar Index—which measures the U.S. currency against a basket of six other major currencies—rose more than 0.6% early on Monday to a high of 109.44 points before settling at 109.22.
The index briefly hit 109 in July this year but Monday’s peak is the highest level it has been since 2002. In a note earlier this month, investment firm LPL said the Federal Reserve’s rate hike efforts would be “bullish for the US dollar.” A stronger dollar is bad news for the stock market as around 30% of the revenue earned by S&P 500 companies is from markets outside the U.S., the LPL note added.that the index could rise even further later this week and edge close to 110 points.13.5%. That is the amount by which the value of the U.S. Dollar has appreciated since the start of 2022.
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