Race for liquidity boosts dollar as Russia contagion risk rises

The dollar rose as much as 0.7%, extending on last week's 0.4% gain

The dollar is rising against virtually every peer as fallout from the sanctions levied against Russia supercharge demand for the world’s reserve currency.
 
Traders are hungry to secure dollar liquidity as penalties on Russia’s central bank and lenders reverberate through global markets, with talk that the Federal Reserve may have to intervene in global markets. US and European stock futures fell, while currencies from the euro to the rand dropped.
 
“USD is king, offering liquidity and safe haven attributes,” said Rodrigo Catril, a currency strategist National Australia Bank. “When trouble hits the road, you need to look for