Downturn Fears Support Dollar, Aussie Slumps to Two-Year Low

Downturn Fears Support Dollar, Aussie Slumps to Two-Year Low
U.S. dollar banknotes are displayed in this illustration taken on Feb 14, 2022. Dado Ruvic/Reuters
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LONDON—Gathering gloom about prospects for the global economy lifted the safe-haven dollar on Friday and pressured risk-sensitive currencies, with the Australian dollar tumbling to a two-year low.

Rampant inflation and a rush by central banks to raise rates and stem the flow of cheap money has fuelled sell-offs across markets and lifted assets seen as safer bets.