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Barchart
Barchart
Rich Asplund

Dollar Climbs as Stocks Sink and Crude Oil Surges

Oil crude oil ECB Isabel Schnabel Peter Kazimir Inflation ECB Executive Board ECB Governing Council US Federal Reserve Gold

The dollar index (DXY00) rallied to a 1.5-week high today and is up by +0.52%. The dollar is moving higher today as T-note yields rise and stocks slump, boosting liquidity demand for the dollar. Also, today’s +3% jump in WTI crude oil raises inflation expectations and could persuade the Fed to tighten monetary policy. In addition, expectations that the Fed will raise interest rates by 25 bp at the Tue/Wed FOMC meeting are supporting the dollar.

Markets are pricing in a 91% chance of a +25 bp Fed rate hike at the Tue/Wed FOMC meeting.

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