On Thursday, the U.S. dollar traded at a record high against a basket of currencies in an era where the global economy is struggling.
Today, the dollar has gained about 1.6 percent against a broad basket of major currencies since the beginning of June, the highest gain since April, according to data from the Federal Reserve.
That was the biggest gain since the global financial crisis.
And it’s the biggest such gain in more than two years.
The dollar’s rise has boosted the U-S.
economy by $1.2 trillion since the start of the year, the Fed said Thursday.
That has boosted wages, the value of U. S. assets and made goods and services cheaper around the world.
The rise in the dollar is the latest in a long string of global economic trends that have lifted living standards and led to global stock markets that have risen.
It has been accompanied by a global financial system in shambles.
The central bank has signaled that the economy is not yet well-equipped to deal with the impact of a potential spike in global stock market volatility.
It’s hard to see how the U, S. or other advanced economies could avoid the sort of global financial crises that have engulfed countries such as Spain, Italy and Japan.
But the Fed is urging policymakers to step up their efforts to help the U to recover from the current economic storm.
Its chairman, Ben Bernanke, said he is not ready to declare a global recession.
But the central bank is encouraging policymakers to take action, especially in light of the strong dollar and an improving global economy.
The Fed’s move comes at a particularly challenging time for the U., a U.K.-based economic powerhouse that is grappling with a financial crisis that has forced it to cut millions of jobs.