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Barchart
Rich Asplund

Dollar Falls and Gold Surges on Dovish Fed Comments

US Federal Reserve Christopher Waller Gold United States ECB Interest Rates Lecornu Takaichi Tamura Tom Barkin

The dollar index (DXY00) today is down by -0.21% and posted a 1-week low.  Dovish Fed comments today weighed on the dollar after Fed Governor Christopher Waller said the Fed can keep lowering interest rates to support a faltering labor market.  Also, today’s economic news, which showed the October Philadelphia Fed business outlook survey fell more than expected to a 6-month low, was bearish for the dollar. In addition, the strength of the euro is undercutting the dollar, as EUR/USD climbed to a one-week high after French Prime Minister Lecornu survived two no-confidence votes. 

Losses in the dollar are limited today after Richmond Fed President Tom Barkin said US productivity growth seems to be improving “significantly,” and after the Oct NAHB housing market index rose more than expected to a 6-month high.

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