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Rich Asplund

Dollar Erases Early Gains on Weak US Economic News

United States Donald Trump Unemployment US Federal Reserve

The dollar index (DXY00) today is down by -0.47%. The dollar today fell from a 1-week high and turned lower on today's US economic news that showed the Q1 core PCE price index revised lower and continuing unemployment claims unexpectedly climbing to a 3-1/2 year high, dovish factors for Fed policy. Strength in stocks today has also curbed liquidity demand for the dollar. Losses in the dollar accelerated after US Apr pending home sales posted their biggest decline in more than 2-1/2 years.

The dollar today initially moved higher after a US trade court late Wednesday ruled that some of President Trump's tariffs were illegal. The dollar also garnered support from today's US economic news that showed Q1 GDP revised upward.

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