Forex
US Dollar Surges Amid Fed Rate Hike Bets
The US dollar reached two-month highs due to bets of a Federal Reserve rate hike. This sent ripples across currency markets, affecting other major currencies.
In contrast, the pound came under pressure after the UK's services PMI fell short of expectations, registering 51.7 in September, down from 52.5 in August and below forecasts of 52.
The euro strengthened against weaker counterparts following a better-than-expected manufacturing and services PMIs for the Eurozone. However, it struggled against stronger peers due to its negative correlation with the US dollar's increase.