US Economic Data Boosts Dollar to Two-Month High

The US dollar has reached its highest level in over two months after strong economic data surprised to the upside. The S&P Global flash US composite PMI jumped to 58.4 in September, a five-year high that reinforces expectations of further rate hikes from the Federal Reserve.

This boost to the greenback lifted US Treasury yields and sent the currency soaring against its major counterparts.

The Australian dollar fell by 1.1% as AUD/USD lost ground, while the NZD/USD also suffered a decline of 0.9%. The focus now shifts to today's Australian labour force report, where consensus forecasts suggest around 20,000 new jobs, although predictions range from +10,000 to +47,000.