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Barchart
Barchart
Rich Asplund

Dollar Climbs and Gold Slides on Reduced Fed Rate Cut Expectations

US Federal Reserve Gold ECB Rehn ECB Governing Council

The dollar index (DXY00) today is up by +0.29% and posted a new 2-year high. The dollar has carryover support from last Friday’s stronger-than-expected US Dec payroll report that reduced the chances of Fed rate cuts.  Also, higher bond yields are strengthening the dollar’s interest rate differentials as the 10-year T-note yield today rose to a 4-month high.  In addition, today’s weakness in stocks has increased liquidity demand for the dollar.

The markets are discounting the chances at 3% for a -25 bp rate cut at the January 28-29 FOMC meeting.

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