US Dollar Strengthens as Global Tech Selloff Drives Safe-Haven Demand

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The US dollar has climbed to its highest level in more than a year, extending gains on Wednesday as investors rush to the greenback for safety. The rally comes amid a global tech selloff that has shaken markets worldwide.

Traders are also adjusting their positions ahead of expected interest rate hikes from the Federal Reserve in the second half of the year. Futures markets now show a 60 percent chance of a rate increase in September, with little change in overall Fed forecasts.

Charalampos Pissouros, senior market analyst at XM, says the dollar's rally is going beyond just the Fed rate trade. He points to broader risk aversion as a key driver pushing the currency higher.

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