The U.S. dollar's status as one of the few dependable safe havens for investors during this year's markets mayhem started to erode during the fourth quarter,...
The U.S. dollar’s status as one of the few dependable safe havens for investors during this year’s market mayhem started to erode during the fourth quarter, even as the greenback posted its biggest yearly advance since 2015.
For much of the year, the dollar’s strength was blamed for helping to weigh on stocks, as a more expensive currency ate into export revenues and corporate profits while higher Treasury yields made bonds increasingly attractive relative to stocks. This resulted in the euro EURUSD rising roughly 8.8% against the dollar, its biggest quarterly gain since 2010, according to Dow Jones Market Data.
Just before the start of the fourth quarter, the dollar index reached 114.11, its highest settlement level of the year, on Sept. 27, according to FactSet data. At that point, the popular gauge of the dollar’s value was up roughly 19% for the year.
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