The dollar is experiencing its largest valuation overshoot since the 1980s. Amidst extreme volatility, a global chorus of discomfort is slowly building. The dollar has been on a tear in recent weeks as investors take refuge in the safe haven amid recession worries. The pound and the euro have been pummeled, but the greenback’s ascent could have wider ramifications. The dollar’s reputation as a safe haven in times of economic distress is a major factor. Recession worries, especially in the eurozone, have soared in the past weeks as elevated inflation, mainly driven by higher energy and food prices, forces central banks globally to tighten their money taps aggressively. Should the world expect global recession very soon ?

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