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Barchart
Barchart
Rich Asplund

Dollar Climbs on Hawkish Fed Comments

US Federal Reserve Jibun Bank United States Williams ECB New York Fed

The dollar index (DXY00) on Friday rose by +0.55% as it rebounded from Thursday’s 4-1/4 month low.  Hawkish Fed comments Friday that pushed back against imminent Fed rate cuts gave the dollar a boost.  Also, the weakness in stocks Friday increased liquidity demand for the dollar.   

Friday’s U.S. economic news was below expectations and bearish for the dollar.  The Dec Empire manufacturing survey general business conditions index fell -23.6 to a 4-month low of -14.5, weaker than expectations of 2.0.  Also, Nov manufacturing production rose +0.3% m/m, weaker than expectations of +0.5% m/m. In addition, the Dec S&P manufacturing PMI unexpectedly fell -1.2 to 48.2, weaker than expectations of an increase to 49.5 and the lowest level in 4 months.

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