For the first time in four years the dollar is participating in a rally that has sent stocks to record highs as traders in the $4-trillion-a-day foreign- exchange market bet the world’s largest economy will only strengthen.
The U.S. Dollar Index showed the currency gaining to its strongest level in more than six months Wednesday as the Standard & Poor’s 500 Index of U.S. shares reached its highest since 2007. That’s unusual because the greenback has tended to move in the opposite direction to equities in recent years as investors sought a haven from the global financial crisis, sovereign bailouts in Europe and slower growth.
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