The dollar index (DXY00) climbed to a 7-week high today and is up by +0.10%. The dollar found support today on hawkish comments from Boston Fed President Susan Collins, who said she saw inflation remaining above 2%, suggesting she may favor additional Fed tightening.
Dollar gains are limited today after WTI crude oil prices fell more than 1% to a 3-week low, easing inflation expectations and potentially persuading the Fed to loosen monetary policy, a bearish factor for the dollar. Also, today’s weaker-than-expected Sep Richmond Fed manufacturing survey is bearish for the dollar.
