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Barchart
Barchart
Rich Asplund

Dollar Falls Back as Stocks Recover

Gold United States Iran Euro Israel PBOC US Federal Reserve

The dollar index (DXY00) fell from a 2-month high today and is down by -0.14%. The dollar gave up overnight gains and turned lower today after stocks pushed higher, which curbs liquidity demand for the dollar. Also, crude prices fell from early highs today and dragged the dollar lower after Iran signaled an end to its current military operations against Israel and President Trump said the two sides were looking to agree to an immediate ceasefire.

The dollar initially moved higher today on carryover strength from last Friday's stronger-than-expected US May payroll report, which bolstered speculation that the next Fed move will be an interest rate increase. Also, renewed fighting between Iran and Israel boosted some early safe-haven demand for the dollar after Israel said it struck several military targets in Iran today, retaliating against missile attacks by Iran.

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