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Rich Asplund

Dollar Falls on Dovish Comments from a Fed Official

Christopher Waller US Federal Reserve Inflation Donald Trump United States University of Michigan Japan Liberal Democratic Party

The dollar index (DXY00) today is down by -0.59%.  The dollar came under pressure today following comments from Fed Governor Christopher Waller on Thursday evening, who stated that he supports a Fed interest rate cut at the July 29-30 FOMC meeting.  Also, an easing of inflation expectations in today’s University of Michigan July inflation expectations report was dovish for Fed policy and bearish for the dollar.  The strength in stocks today has also curbed liquidity demand for the dollar. 

On the positive side for the dollar was today’s stronger-than-expected US housing starts and building permits reports.  Also, the University of Michigan’s US July consumer sentiment index rose more than expected to a 5-month high, a bullish factor for the dollar.

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