The U.S. dollar advanced on Wednesday after hitting another 13-month high in the previous session as safe-haven demand increased amid lingering concerns over the Turkish lira crisis.
The U.S. dollar index, which tracks the greenback against a basket of other currencies, rose by 0.18% to 96.72 by 1:30AM ET (05:30 GMT), just below a 13-month peak of 96.794 on Tuesday.
“In light of all the turmoil we’ve seen out of Turkey and the subsequent contagion into other emerging markets, the dollar is pretty much establishing itself as the safe-haven currency,” said Bart Wakabayashi, Tokyo branch manager at State Street Bank.
Turkey President Recep Tayyip Erdogan vowed on Tuesday to boycott iPhones and other American electronics as he condemned the “explicit economic attack” against his country.
