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Barchart
Barchart
Rich Asplund

Dollar and Gold Rally as Stocks and the Euro Tumble

Euro Mester Gold BOJ ECB Inflation Centeno ECB Governing Council France Interest Rates

The dollar index (DXY00) today is up by +0.51% at a 5-week high.  Heightened political uncertainty in France is hammering the euro and supporting the dollar.  Also, today’s stock slide has boosted liquidity demand for the dollar. In addition, hawkish comments from Clevland Fed President Mester gave the dollar a boost when she said she wants to see a few more months of good inflation data before cutting interest rates.

The US May import price index ex-petroleum unexpectedly fell -0.3% m/m, weaker than expectations of +0.2% m/m and the biggest decline in 11 months.

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