U.S. dollar hits strongest level in nearly a year, heaping more pressure on stocks

After clinching its 12th straight week in the green on Friday, its longest winning streak since a 12-week streak ended in October 2014, the ICE U.S. Dollar Index DXY traded as high as 107.35 on Tuesday, its strongest level intraday since Nov. 22, according to FactSet data.

See: Japanese yen sees wild swing amid intervention fears after falling to nearly 1-year low versus dollar That selling pain in bonds has continued in 2023. On Tuesday, Treasury yields climbed to their highest levels in 16 years, putting more upward pressure on the buck. In particular, traders were paying close attention to the yield on the 30-year Treasury bond BX: TMUBMUSD30Y, which was up 12.4 basis points in recent trade at 4.899%, its highest level since late 2007, FactSet data show.

Data released Tuesday showed job openings snapped back in August and rose to 9.6 million, up from a revised 8.9 million during the month prior, reflecting a robust appetite for labor in light of a steadily growing U.S. economy.

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Stock market bulls are hopeful that earnings will be a welcome distractionSeptember lived up to its reputation as the worst month of the year.
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