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Barchart
Barchart
Rich Asplund

Better-Than-Expected U.S. Economic Reports Boost the Dollar

US Federal Reserve Interest Rates

The dollar index (DXY00) on Monday rose by +0.50% and posted a 1-week high.  Higher T-note yields Monday were supportive of the dollar.  Also, expectations for the Fed to raise interest rates by 25 bp at Wednesday’s FOMC meeting are positive for the dollar.  In addition, weakness in the yen lent support to the dollar after the yen dropped to a 7-week low against the dollar.  Gains in the dollar accelerated on Monday’s stronger-than-expected U.S. construction spending and ISM manufacturing reports.

Monday’s stronger-than-expected U.S. economic news was supportive of the dollar.  The Apr ISM manufacturing index rose +0.8 to 46.1, stronger than expectations of 46.8.  Also, Mar construction spending rose +0.3% m/m, stronger than expectations of +0.1% m/m and the largest increase in 4 months.

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