Dollar Surges in September, Leaving Euro Lagging
The dollar gained nearly 2.2% against the euro in September as Treasury yields climbed to multi-year highs, Reuters data showed.
- The U.S. dollar strengthened in September, advancing nearly 2% against the euro as The Bloomberg Dollar Spot Index rose about 2% this month, nearing multi-month highs on Wednesday.
- Rising Treasury yields, with the two-year benchmark closing in on 5%, bolstered the greenback as markets increased expectations for a Federal Reserve rate hike in October to more than 70%.
- The euro declined 2.6% this month, pressured by persistent energy concerns and political instability in France, where the premium investors demand over German debt exceeded 110 basis points.
- Bank of Nassau 1982 chief economist Win Thin said, "This is broad-based dollar strength on rising yields," while Morgan Stanley analysts expect the greenback to maintain dominance through year-end.
- Investors are tracking the Personal Consumption Expenditures index due Wednesday and nonfarm payrolls on Friday, which serve as critical hurdles for confirming the dollar's momentum in coming weeks.
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The exchange rate seeks to record its fourth consecutive day upwards.
The burden of rising bond yields covers other capital markets. 159 liters of Brent cost more than 100 dollars again. And the Dax has slipped below 25,000 points for the first time since July.
FOREX-Euro slides to 17-month low, hit by rates and inflation cocktail
As political instabilities linger, the euro has descended to its lowest point in over 17 months when measured against the dollar. This shift has prompted investors to favor the dollar, which is showing strength across various currencies. Meanwhile, the Australian dollar has reached a two-month low due to disappointing local inflation forecasts. European markets, burdened by surging oil prices and escalating inflation, are facing a formidable set…
The dollar's index rose to 101.48 points, with gains of about 2% during September. In the currency market, the euro fell to $1.1330, while the pound stood at $1.3264, and the yen fell to $157.82.
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