Dollar Strengthens for Sixth Consecutive Quarter, Longest Streak Since 2022

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The dollar index posted its sixth consecutive quarterly gain against a basket of currencies at the end of September, the longest such streak since 2022. As of 10:59 p.m. Thailand time, the dollar index was up 0.63% at 102.08, while the dollar rose 0.85% to 1.123 against the euro and strengthened 0.14% to 157.61 yen. Ray Attrill, head of foreign exchange strategy at National Australia Bank, said the dollar is now responding more to what is happening with the 10-year US Treasury note than to expectations about when the Federal Reserve will next raise interest rates. The yield on the 10-year US Treasury note climbed to 5.327%, its highest level since April 2002, while the yield on the 30-year US Treasury note rose to 5.678%, its highest in 24 years. Meanwhile, the US Labor Department will release September nonfarm payrolls data on Friday, October 2. Analysts expect payrolls to have increased by 98,000 in September, down from 162,000 in August, and expect the unemployment rate to hold steady at 4.1% in September.

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