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Barchart
Rich Asplund

Dollar Edges Higher on Crude Oil Strength

crude oil Oil Iran Martin Kocher Gold United States US Federal Reserve ECB silver Inflation

The dollar index (DXY00) on Monday rose by +0.05%.  The dollar was supported on Monday by increased safe-haven demand after the US and Iran failed to reach terms to end the war.   Also, Monday's +2% jump in crude oil prices boosted inflation expectations and may prompt the Fed to tighten monetary policy, a supportive factor for the dollar.

Gains in the dollar were limited after the US Apr existing home sales rose less than expected. Also, strength in the Chinese yuan weighed on the dollar after the yuan rallied to a 3-year high on Monday.  In addition, Monday's rally in the S&P 500 to a new record high has curbed liquidity demand for the dollar. 

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