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Barchart
Barchart
Rich Asplund

Dollar Falls and Gold Surges on Fed Rate Cut Expectations

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

The dollar index (DXY00) on Thursday fell by -0.47% and posted a 1-week low.  Dovish Fed comments weighed on the dollar Thursday after Fed Governor Christopher Waller said the Fed can keep lowering interest rates to support a faltering labor market. Also, Thursday’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 undercut the dollar after EUR/USD rallied to a one-week high when French Prime Minister Lecornu survived two no-confidence votes. 

The ongoing shutdown of the US government is bearish for the dollar.  The longer the shutdown is maintained, the more likely the US economy will suffer, a negative factor for the dollar.

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