Against a basket of major currencies, the dollar was up 0.6% at 101.62, a level last seen in March 2020, and headed for its biggest daily gain since March 11.
“The dollar will remain supported ahead of next week’s Fed meeting and many commodity currencies that have done well this year now see the bar raised,” said Kenneth Broux of Société Générale in London.
The aussie, which was one of the currencies that gained the most in the first quarter of 2022 thanks to the rise in commodity prices, lost more than 1% against its US pair and the Swiss franc.
The Norwegian krone was also down more than 1% against the dollar.
The euro’s small gains following French President Emmanuel Macron’s comfortable election victory over his far-right rival Marine Le Pen quickly dissipated, and it was down 0.8% at $1.0729.
The yuan hit its lowest level in a year. Broader currency market volatility gauges rose, with the index hitting its highest level in more than a month.
By Saikat Chatterjee, Reuters Agency
Source: Ambito
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