Dollar Surges in September, Leaving Euro Lagging
Treasury yields climbed to multi-year highs and traders priced in a more aggressive Federal Reserve path as US data later this week approached.
- 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.
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.
Alexander Zimovsky: The dollar ends September with the highest increase against the euro in 14 months
The dollar ends September with the highest increase against the euro in 14 monthsThe dollar index is close to an annual high against the euro and ends September with an increase of almost 2.3%, the best monthly result in 14...
Dollar surges in September, leaving euro lagging
Sept 30 : The dollar hovered near its highest level of the year against the euro on Wednesday and was on track for its biggest monthly gain versus the single currency in 14 months, buoyed by stronger US growth and rising interest-rate expectations.The euro has been one of the worst-performing major currencies
Global Market: Euro under pressure from energy shock and political risks
The euro has fallen nearly 2% in September as energy prices, political uncertainty and a stronger dollar weigh on the currency. Concerns over German and French politics, rising borrowing-cost spreads and elevated European gas prices threaten growth. ECB rate expectations offer some support, but markets remain cautious about further euro weakness.
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