LONDON—The U.S. dollar marched to a two-year high on Monday as a wave of risk aversion swept global markets, while the Chinese yuan was set for its biggest three-day losing streak in nearly four years on growing worries of an economic slowdown in China.
With war in Ukraine entering the third month and growing concerns of a China-wide COVID-19 outbreak sparking a rout in Chinese stocks, investors dumped currency market darlings like the Aussie and the offshore Chinese yuan.
Against a basket of its rivals, the dollar gained 0.6 percent to 101.62, a level it last tested in March 2020, and is on track for its biggest daily rise since March 11.
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