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Barchart
Barchart
Rich Asplund

Dollar and Gold Strengthen Ahead of FOMC Results

The dollar index (DXY00) this morning is up by +0.23% at a 2-1/2 week high. Weakness in the yen is positive for the dollar as the yen tumbled to a new 4-month low today.  Short covering is also boosting the dollar ahead of today’s FOMC meeting results and comments from Fed Chair Powell.  A decline in T-note yields is limiting the dollar’s advance. 

US weekly MBA mortgage applications fell -1.6% in the week ended March 15.  The purchase mortgage sub-index fell -1.2%, and the refinancing sub-index fell -2.5%.  The average 30-year fixed rate mortgage rose +13 bp to 6.97% from 6.84% in the prior week.

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