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Barchart
Rich Asplund

Dollar Climbs as Bond Yields Rise on US Economic Strength

United States US Federal Reserve Jeffrey Schmid Kansas City Fed Donald Trump eurozone Lisa Cook Inflation Monetary Policy Euro

The dollar index (DXY00) today is up by +0.27% at a 1-week high.  The dollar garnered support today on comments from Kansas City Fed President Jeffrey Schmid, who said "modestly restrictive" monetary policy is still appropriate due to inflation risks.  The dollar added to its gains on stronger-than-expected US economic reports on August's S&P manufacturing PMI and July's existing home sales.  In addition, weakness in stocks today is also boosting liquidity demand for the dollar.

Gains in the dollar are limited due to signs of weakness in the US labor market, which is dovish for Fed policy, after weekly jobless claims rose to a 2-month high and weekly continuing claims rose to a 3.75-year high.  Also, political risks and concerns about Fed independence are weighing on the dollar after President Trump called for Fed Governor Lisa Cook to resign amid a probe into two personal mortgages. 

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