U.S. Dollar on track for strongest performance since 2015

The dollar firmed on Friday and was on track for its best performance in seven years, buoyed by the Federal Reserve’s aggressive monetary policy tightening and concerns about the global growth outlook. The dollar’s role in the global economy has been a major factor in its strength in 2022.

The U.S. dollar index , which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015. It was last firm at 103.99.

The Fed has raised rates by a total of 425 basis points since March to curb surging inflation, a move that has kept the dollar in bid for most of the year.