Dollar Surge Sends Euro Plummeting Below 1.13

The US Dollar (USD) is surging against major currencies, pushing the Euro (EUR) down 0.16% to around 1.1310 on Thursday.

The USD's strength is largely due to rising United States Treasury Yields, which have hit fresh highs near 5.30%, a level not seen in two decades.

TD Securities notes that the latest US Personal Consumer Expenditure (PCE) and GDP revisions are 'a mixed bag,' with robust growth and rising inflation risks expected to continue dominating the Fed's outlook.

The Euro is under pressure despite stronger-than-expected preliminary German Harmonized Index of Consumer Prices (HICP) data for September.