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Barchart
Rich Asplund

Dollar Edges Higher and Gold Slumps as T-note Yields Soar

Gold Joachim Nagel ECB ECB Governing Council BOJ PBOC silver

The dollar index (DXY00) today is up by +0.17%. The dollar is moving higher today as higher T-note yields are strengthening the dollar's interest rate differentials. The 10-year T-note yield jumped to a 16-month high today of 4.685%. Also, weakness in stocks today is boosting liquidity demand for the currency. In addition, the ongoing US-Iran war is boosting demand for the dollar as a safe haven. The dollar added to its gains today on the stronger-than-expected Apr pending home sales report.

US Apr pending home sales rose +1.4% m/m, stronger than expectations of +1.0% m/m. Also, Mar lending home sales were revised upward to +1.7% m/m from the previously reported +1.5% m/m.

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