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Dollar reaches three-month high amid rising yields
The US dollar rose to its highest level in more than three months, supported by record-high US Treasury bond yields that were influenced by geopolitical tensions and rising global inflation. Data showing US inflation grew less than expected in August, along with downward revisions to July’s readings, led to reduced expectations of interest rate hikes by the Federal Reserve. Meanwhile, concerns over inflation and rising energy prices in Europe continued to pressure the euro, which fell to 1.1317 against the dollar. The dollar also hit a high of 101.66 points against a basket of currencies, continuing its September gains of 2%. Additionally, US Treasury bonds, especially those with 10 and 30-year maturities, reached new record levels as expectations for interest rate increases diminished, further strengthening the dollar against other currencies.
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