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Barchart
Rich Asplund

Dollar Falls and Gold Rallies as Bond Yields Tumble

United States Gold Barkin ECB Inflation Japan Richmond Fed

The dollar index (DXY00) Wednesday fell by -0.30% and posted a 1-week low.  The dollar added to Tuesday's sharp losses Wednesday after the 10-year T-note yield dropped to a 7-week low.  Also, stronger-than-expected Japanese wage news pushed the yen to a 7-week high today against the dollar.  In addition, the widening of the US Dec trade deficit to a 2-3/4 year high was bearish for the dollar.  The dollar extended its losses after the US Jan ISM services index fell more than expected.

Bullish factors for the dollar Wednesday included the stronger-than-expected US Dec ADP employment report.  Also, Richmond Fed President Barkin's comments Wednesday indicate that he favors keeping Fed policy steady, a supportive factor for the dollar.

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