As a result, the US dollar index ended 2021 with an 8.9 percent gain. Last September, we may have seen the peak of the US dollar after the dollar index (DXY) hit a 20-year high of 114.78. Almost all currencies in the world depreciated against the US dollar in 2022, except for the Singapore dollar, which appreciated 0.7 percent. SPX ended down 19.4 percent, its worst performance for the year since the global financial crisis in 2008. The aggressive tightening of central banks worldwide in 2022 has increased the likelihood of a recession.

Source: Philippine Star January 01, 2023 16:58 UTC