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Barchart
Barchart
Rich Asplund

Dollar Falls Back on Euro Strength and a Rally in Stocks

Schnabel Euro ECB ECB Executive Board United States BOJ Gold US Federal Reserve

The dollar index (DXY00) on Wednesday fell by -0.21%.  Strength in the euro Wednesday weighed on the dollar after hawkish comments from ECB Executive Board member Schnabel pushed European government bond yields higher.  Also, Wednesday’s rally in stocks curbed the liquidity demand for the dollar.  The dollar was also under pressure on expectations for a friendly U.S. CPI report on Thursday, which could pave the way for Fed rate cuts.

The markets are discounting the chances for a -25 bp rate cut at 5% for the next FOMC meeting on Jan 30-31 and a 69% chance for that -25 bp rate cut for the following meeting on March 19-20.

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