The Fed's rate-hiking campaign has sent the value of the dollar to 20-year highs.
— since oil is priced in dollars, a stronger dollar buys much more oil, thus driving the per-barrel price lower. More broadly, foreign imports get cheaper for U.S. consumers, which could help ease inflation, too.It will make the cost of U.S. exports — especially U.S. industrial goods — much higher for foreign buyers, depressing sales and likely hurting factory towns.
The higher a country's rates, the more attractive it is to global capital, which flows in and pushes the value of the currency up.Like the path of the stock market, moves in the currency markets are going to be heavily influenced by inflation and whatever Fed officials say or do over the next few weeks.
Signals suggesting that a faster, steeper series of hikes are coming could strengthen the greenback even more.
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