Dollar surges to 2-decade high as investors seek refuge

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — The U.S. dollar’s value surged in April as investors sought refuge amid a growing list of uncertainties hanging over the market and the Federal Reserve’s aggressive shift to fight rising inflation. The currency had been gaining strength throughout the economic recovery in 2021 and into 2022, but a recent boiling over of inflation concerns has raised expectations for the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars. The U.S. dollar is also the world’s reserve currency and is considered a safe-haven in times global economic stress and uncertainty.