The Dollar has been appreciating against other currencies since last year but began rising rapidly this summer, this is because the US has raised interest rates rapidly and as such, people would rather hold a currency that offers bigger interest in relation to other currencies offering lower rates or commodities which offer no interest rates at all, hence the dropping commodity prices. There's also the case for the perceived 'safety' of the US Economy.
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And the dollar dominance continues!!💪
Well, it has it's pros and cons and one con is that although they're trying to fight inflation, they then make exporting more expensive for those who manufacture in the US hence, trade partners might be discouraged leading to a trade deficit for the US. They'll have to decide which is more important for them on the long run. #Macroeconomics