The U.S. dollar soared to a fresh two-decade high, pushing several major currencies to their multi-year lows in the process, amid mounting fears of a recession due to aggressive policy tightening by the Fed and increasing possibilities of more sharp increases in interest rates lifted its safe-haven appeal.
The Federal Reserve announced its third straight 75-basis point hike in interest rates on Wednesday, and signaled more such moves in the upcoming meetings, aiming to fight inflation.
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