Dollar Surges Against Euro Amid US Growth

The US dollar has reached its highest point this year against the euro, gaining nearly 2.5% in September due to strong economic growth and rising interest rates in the United States.

This contrasts with Europe's energy and debt concerns, which have weighed on the euro. Brent Donnelly, president of foreign exchange trading at Spectra Markets, noted that 'the US economy is running hot, Europe is losing the global AI race, and energy supplies and French politics remain big concerns for the euro.'

The dollar has also risen against other currencies, including the Australian dollar, which fell below 70 cents for the first time since early August. The yen has dropped in value as well, with the dollar touching a low of almost two weeks at 156.38 in Asia trade.