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Barchart
Rich Asplund

Dollar Falls on Lower Bond Yields and Yen Strength

Dudley ECB New York Fed Gold US Federal Reserve Interest Rates BOJ ECB Governing Council University of Michigan

The dollar index (DXY00) today fell to a 1-week low and is down by -0.43%.  Dovish comments today from former New York Fed President Dudley knocked bond yields lower and weighed on the dollar when he said he sees “a strong case for a 50 bp cut” in interest rates at next week’s FOMC meeting.  Strength in the yen also undercuts the dollar as the yen jumped to an 8-1/2 month high against the dollar today.  Today’s economic news was mixed for the dollar after the US Aug import price index ex-petroleum unexpectedly fell, and the University of Michigan Sep consumer sentiment index rose to a 4-month high.

The US Aug import price index ex-petroleum unexpectedly fell -0.1% m/m, weaker than expectations of a +0.2% m/m increase.

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