Wasn’t surging inflation supposed to undermine the U.S. dollar? Be that as it may, the opposite happened this week as news of a surprise spike in U.S. inflation and inflation expectations to their highest in decades sent the U.S. dollar soaring against currencies around the world. The dollar’s main index zoomed to its highest for the year as the euro and sterling, which make up 58% and 12% of that index respectively, slumped to 2021 lows.
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