NEW YORK: The US dollar has been flirting with a new 2024 high, supported by investors seeking shelter from political uncertainty in Europe even amid evidence of a slowing economy in the United States.

The Bloomberg Dollar Spot Index hovered around a mark just shy of levels seen last November as technical indicators reveal the greenback’s strength has room to run.

The premium paid to hedge against the US currency gaining relative to falling over the next three months against a basket of peers has risen to the highest level in over a year.

“Near term, the greenback safe haven appeal could be the catalyst for a topside break,” said Rodrigo Catril, a strategist at National Australia Bank Ltd in Sydney.

 - Bloomberg