A grinding rally in the dollar is picking up speed, fueled by a hawkish tilt from the Federal Reserve, rising Treasury yields and concerns over the possibility of a drawn-out battle to raise the U.S. debt ceiling. Net bets on the dollar in futures markets are at a more than 18-month high, according to data from the CFTC. Because the dollar is the world’s dominant currency, its trajectory can have far-reaching implications for everyone from corporations to global central banks.
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