Dollar boosted by safety bid on rising recession fears

Published by
Reuters UK

By Karen Brettell NEW YORK (Reuters) – Pessimism about the outlook for the global economy boosted demand for the safe haven U.S. dollar on Friday while the Australian dollar, a proxy for global growth, tumbled to a two-year low. Rampant inflation and a rush by central banks to raise rates and stem the flow of cheap money has fueled sell-offs across markets and lifted assets seen as safer bets. “When people get worried they still buy dollar assets,” said Joseph Trevisani, senior analyst at in New York. The dollar gained on Friday even as concerns about an economic downturn sent ben…

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