Dollar at 13-month high as rate hike bets, stock rout boost demand
The US dollar extended gains to reach a fresh 13-month high against a basket of major currencies on Wednesday as investors sought shelter from a tech stock sell-off and positioned for Fed rate hikes. A broad sell-off in technology and semiconductor shares has dragged global stocks lower as investors take profits on a long rally, sparking safe-haven demand for dollar and bonds. Meanwhile, expectations of a US rate hike continued to build with Federal Reserve officials sounding increasingly hawkish amid the strength of the U.S. economy.