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Changes in monetary policy may have a substantial influence on all asset classes. However, by understanding the subtleties of monetary policy, investors may position their portfolios to profit from policy shifts and increase returns.

The United States dollar has reportedly appreciated to levels last seen 20 years ago and shows no signs of slowing down. According to Capital.com, “The ICE US Dollar Index (DXY) – a measure of the currency’s strength against a basket of rival currencies including the euro (EUR), Japanese yen (JPY) and British pound (GBP) – stood at 109.5 on 19 September 2022. The index was up over 14% from the start of the year, but down marginally from the 110.51 mark reached on 7 September – its highest level since 2002.”

The Federal Reserve, the US central bank, is giving further steam to the greenback through its aggressive interest rate stance. The Federal Reserve has raised interest rates a total of four times during 2022 for a total of 2.25 percentage points.

The result is that investors are piling into the US dollar, salivating into the fray as they chase opportunities to earn almost riskless returns from purchasing US government securities. This has boosted the greenback’s reputation as a safe haven currency.

For this reason, investors should take a long position on the US dollar and short other currencies, especially those in emerging and developing markets. In addition to the attractive United States dollar interest rates, conventional wisdom has it that investors should sell investments in depreciating currencies and buy investments in appreciating currencies.

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