Forex
Dollar Strengthens Amidst Strong US Economic Data and Rate Hike Fears
The US Dollar strengthened against several major currencies last week due to strong economic data from the US and rising oil prices, which renewed fears of a Federal Reserve rate hike.
On Wednesday, flash PMI readings for September showed manufacturing activity jumping to 57 from 53.9, while services sector activity rose to 58.7, exceeding expectations.
The hot PMI data led to increased bond yields and Fed rate hike expectations, with the likelihood of another quarter percentage rate hike in October rising to 64.2 percent on Friday from 57.6 percent on Monday.