The U.S. dollar climbed to a fresh 13-month high against a basket of major currencies on Wednesday, extending a rally that has reshaped the foreign exchange landscape.
The move reflects a dual driver: investors fleeing a broad sell-off in technology stocks and positioning for a more restrictive Federal Reserve policy path.
This latest peak follows a significant shift in currency market dynamics that began earlier in the week.
The dollar index had already reached its highest level since May 2025 on Tuesday, marking a decisive break from previous trends.
The greenback strengthened broadly, with notable gains against the euro, where it hit its highest level since March.
The rapid appreciation underscores a flight to quality as equity markets faced pressure.