Dollar Soars, Global Markets Plummet Amid Rate Hike Expectations

The US dollar reached new highs on Wednesday, while global markets experienced a sharp decline. Crude oil prices rebounded alongside a rise in LNG prices, leading to heightened expectations of Federal Reserve interest rate hikes.

The FOMC is now anticipated to continue its tightening cycle as early as the October meeting, following hawkish comments from Fed officials and robust US PMI data. The 10-year Treasury yields climbed to 5.12%, their highest level since 2007, with technology stocks suffering notable losses.

Attention turned to the foreign exchange market, where the EURUSD pair broke below the 1.14 level, falling by more than 0.5%. Meta shares gained nearly 2% today, making it one of September's top performers.