Dollar at 13-month high as rate hike bets, stock rout boost demand

The U. S. dollar surged to a 13-month high, driven by a tech stock sell-off and anticipation of Federal Reserve rate hikes.

Investors are flocking to the dollar as a safe haven amid global market jitters.

Markets are now pricing in a higher probability of interest rate increases in July and September, further bolstering the greenback's strength against major currencies like the euro and yen.