USD is trading at $91.62, down 3.24%, as strong September PMI data raised expectations for another Federal Reserve rate hike and the 10-year Treasury yield surged above 5.1%, weighing on technology valuations.
- Philadelphia Semiconductor Index weakness and profit-taking followed USD’s sharp rally from $78.80 on September 15 to $97.63 on September 22.
- Lower S&P 500 and Nasdaq futures reinforced broad risk reduction in pre-market trading.