Dollar Surges in September, Leaving Euro Lagging
- 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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216 Articles
French government bond yields have been at the highest level since 2002. The country has no force for urgent reforms. Nevertheless, it is vital that the ECB refrains from intervention.
The value of the U.S. dollar reached an 18-month high driven by a weak euro, high U.S. Treasury yields, and capital inflows resulting from increased investment in AI infrastructure. Robust growth in the U.S. economy and its status as a net energy exporter are also driving the dollar's strength. However, experts warn that the dollar is currently overbought and that a short-term correction is possible.
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The return on euro area bonds again showed divergences
Evening Standard
FTSE outperforms European peers as euro struggles
Political and fiscal concerns in Europe kept bond yields elevated and weighed on the euro.
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