Recession worries could support dollar after monstrous 2022 rally
NEW YORK, Dec 8 - A breathtaking surge in the U.S. dollar trampled foreign currencies, gouged corporate profits and gave investors one of the year’s few winning trades. Though the greenback has stumbled in recent weeks, recession worries may keep it elevated in 2023.
Also heightening the dollar’s allure was the comparative strength of the U.S. economy during a time when fears of an energy crisis hammered European assets while stringent COVID-19 controls hurt China's growth. WHY IT MATTERS Getting the dollar right is key for investors, as its trajectory sways everything from corporate earnings to the prices of raw materials such as oil and gold.
For the rest of the world, a stronger U.S. currency pressures the price of oil and other dollar-denominated commodities by making them more expensive to foreign buyers, while also making it more expensive for foreign companies and governments that have borrowed in dollars to service their debt. In futures markets, speculative traders swung to a net short position on the U.S. dollar for the first time in 16 months in November, calculations by Reuters based on U.S. Commodity Futures Trading Commission data showed.
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