Amid inflation worries in the US and global growth concerns, the dollar surged to a 5-week high against major currencies, helped by rising Treasury yields. The Turkish lira hit a 2-month low following weekend elections that may require a runoff, while the Thai baht surged nearly 1% after opposition parties won in weekend polls. According to a survey, US consumers’ long-term inflation expectations increased, making a Fed rate hike next month more likely. However, the market still prices in up to three quarter-point cuts by year-end.
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