Daily Summary: US dollar reaches new highs, Wall Street, gold and bitcoin fall (23.09.2026)

Wednesday's trading session saw a sharp deterioration in sentiment across global markets. Following a multi-day decline, crude oil prices staged a rebound, alongside a rise in LNG prices. Combined with further hawkish comments from Federal Reserve officials and extraordinarily robust US PMI data, this led to heightened expectations of Fed interest rate hikes. Markets now anticipate that the FOMC will continue its tightening cycle as early as the October meeting.

Figure 1: Changes in Market Expectations for Federal Reserve Interest Rate Hikes (2026 - 2027)

Source: XTB Research, 23.09.2026

Note: The path from 4 weeks ago refers to a lower base level (i.e. interest rate levels prior to last week's rate hike)

10-year Treasury yields climbed to 5.12%, reaching their highest level since 2007. The technology sector, particularly sensitive to shifts in the bond market, suffered notable losses. However, the broader Wall Street market was not spared either:

• Nasdaq: -0,9%
• S&P 500: -0,7%
• Dow Jones: -0,5%

Attention also turned to the foreign exchange market, driven by the continued appreciation of the US dollar. The EURUSD pair broke sharply below the 1.14 level, falling by more than 0.5% today.

Figure 2: Performance of Major Currencies Against the US Dollar (10.09.2026 - 23.09.2026)