US Dollar Rises on Safe-Haven Demand Amid Global AI Stock Selloff
The US dollar strengthened against major currencies on Friday as a global selloff in artificial intelligence stocks triggered a flight to safety. Investors moved capital into the dollar and US Treasuries following significant declines in Asian tech-heavy markets and previous losses in US equities, driven by fears that Democratic gains in midterm elections could increase regulatory scrutiny of the AI sector. The market is currently awaiting the US non-farm payrolls report to gauge future Federal Reserve interest rate decisions. While initial jobless claims recently hit a seasonally adjusted low, the tech-driven volatility has already begun to influence Fed expectations, with markets scaling back the probability of a December rate hike.
Topics: AI stock selloff Global markets Safe-haven demand US Dollar US Treasuries
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