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Barchart
Barchart
Rich Asplund

Dollar Falls as Stocks and the Yen Rally

BOJ ECB United States US Federal Reserve

The dollar index (DXY00) today is down by -0.56% and fell to a 1-1/2 week low. Today, the dollar is under pressure from a rally in stocks, which curbs liquidity demand for the dollar.  Also, the yen soared to a 4-1/2 month high against the dollar today after the BOJ unexpectedly raised its benchmark interest rate.  In addition, weaker-than-expected US economic news today on Jul ADP employment and the Q2 employment cost index knocked the 10-year T-note yield down to a 4-1/2 month low and undercut the dollar. 

The US Jul ADP employment change rose +122,000, weaker than expectations of +150,000 and the smallest increase in 6 months.

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