Dollar Strengthens Past 101 as 10-Year Bond Yield Surges Above 5%, Highest in 19 Years

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The dollar index rose 0.46% to 101.063 after the yield on the 10-year U.S. Treasury bond jumped above 5% today, touching its highest level in 19 years. The dollar climbed 0.49% to 1.139 against the euro and strengthened 0.56% to 158.25 yen. The gains were driven by the release of S&P Global's preliminary composite PMI for U.S. manufacturing and services, which rose to 58.4 in September, the highest in 62 months, up from 56.0 in August. The preliminary manufacturing PMI came in at 57.0, the highest in 52 months, while the preliminary services PMI stood at 58.7, the highest in 59 months. Meanwhile, Federal Reserve Governor Michael Barr said he supports the Fed continuing to raise interest rates to control inflation, noting that the labor market and economic growth remain strong, but inflation is still above the Fed's 2% target and there is no clear sign yet that it will return to target within an appropriate timeframe.

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