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Barchart
Barchart
Rich Asplund

Dollar Boosted by Safe-Haven Demand from Escalating Middle East Tensions

Middle East Hezbollah Barkin Israel Lebanon Richmond Fed the Middle East Gold Interest Rates

The dollar index (DXY00) today recovered from a 13-month low and is slightly higher by +0.11%.  Rising geopolitical risks in the Middle East are supporting safe-haven demand for the dollar today after Israel on Sunday launched airstrikes against Hezbollah targets in southern Lebanon.  Gains in the dollar are limited after today’s news that US July core capital goods new orders unexpectedly declined.  Also, dovish comments from Richmond Fed President Barkin weighed on the dollar when he said he supports "dialing down" interest rates.

US July capital goods new orders nondefense ex-aircraft and parts, a proxy for capital spending, unexpectedly fell -0.1% m/m, slightly weaker than expectations of unchanged m/m.

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