The US dollar regains strength, while the euro faces multiple pressures.

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智通财经2026/10/02 09:36

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The foreign exchange market is gradually emerging from the summer lull, with the US dollar strengthening overall while the euro is under significant pressure.
The US Dollar Index has risen for three consecutive weeks, reaching an 18-month high, which contrasts with the previous market expectation that the dollar would remain weak in 2025.
Factors supporting the dollar include robust economic growth, high US Treasury yields, and persistently elevated oil and gas prices, conditions that are particularly favorable for energy-exporting countries.
Other currencies are also facing headwinds; both the British pound and Japanese yen have their own concerns, but the euro's issues are even more pronounced.
Bond markets in heavily indebted eurozone countries, such as France, are under pressure, and rising energy costs are weighing on growth. The combination of these factors may limit further interest rate hikes.
The euro has fallen below $1.13 for the first time since May 2025, with market volatility increasing and more positions betting on a further decline.
A more comprehensive reflection of the euro's weakness is that it has also depreciated against the pound, yen, and Swiss franc simultaneously.
Going forward, the focus will be on whether pressure in the eurozone bond market can be alleviated and how energy prices and policy room evolve, as these factors may determine whether the euro can stabilize.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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智通财经•2026/10/03 09:36