The U.S dollar index is living up to its reputation as the “king’ of the market lately. Despite a shallow pullback in the previous week, the US dollar stays grounded near the $106.0 mark. The risk-averse market fuels the rally in the safe haven. Global recession fears and inflationary concerns kept investors on their toes.
A high-value dollar kept the pressure on all other financial assets beyond the crypto market. The index touched its 20-year high in the previous week at 109.29. Currently, BTC/USD fell more than 4%, ETH/USD lost 9%.
As of writing, DXY reads at 106.97 up 0.57% so far.
Further, the International Monetary Fund (IMF) in its recent assessment cut its global growth outlook to 3.2% in 2022 from 3.6% in the April projection. This, added to the appreciation of the greenback due to its stability.
