Dollar Surges Amid Rate Hike Fears and Crude Oil Price Spike

The US dollar continued its upward trend during the week ending September 25, fueled by strong economic data from the US and rising global crude oil prices.

This surge in the greenback led to a selloff in US bond markets as investors grew more confident of an impending interest rate hike by the Federal Reserve.

The Dollar Index (DXY), which measures the dollar's strength against a basket of six currencies, rose from 100.18 on Monday to a near two-month high of 101.40 on Thursday, before closing at 100.97 for the week.

This increase marked a gain of 0.75 percent over the course of the week and pushed the EUR/USD pair down by 0.81 percent in the same period.