Dollar Surges as Fed Hike Chances Soar Amid Rising Yields

The US dollar strengthened against major currencies on September 29 as investors positioned for key economic data that could influence the Federal Reserve's interest-rate path.

Treasury yields hovered near multi-year highs, with the benchmark 10-year Treasury yield settling above 5 percent. The greenback remained near multi-month highs in response.

The Australian dollar weakened after the Reserve Bank of Australia raised interest rates as expected, dropping to its lowest level in nearly two months.