The U.S. dollar’s ​​recovery has sparked concern among central bankers and governments around the world, forcing them to take action to ease pressure on their currencies. From Tokyo to Istanbul, policymakers have defended the currency through words and actions as a resilient U.S. economy keeps the dollar strong by dampening expectations for rate cuts. The U.S. dollar has gained against nearly all major currencies so far in 2024, defying predictions by many on Wall Street that the greenback would sell off this year. This has also prompted Japan to escalate warnings that it is ready to intervene to boost the yen from nearly 34-year lows. Monex foreign exchange trader Helen Given said: "The U.S. dollar continues to put pressure on other central banks. Given the current global environment, central banks seem to be seeking to end the tightening cycle. There seems to be no safe way out of the continued dominance of the U.S. dollar."