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Rich Asplund

Dollar Firms on Hawkish Fed Speak

Jeff Schmid Lorie Logan Dallas Fed Kansas City Fed United States Gold US Federal Reserve ECB Japan silver

The dollar index (DXY00) today is up by +0.22% and posted a fresh 2.75-month high.  Hawkish comments today from Kansas City Fed President Jeff Schmid and Dallas Fed President Lorie Logan were supportive of the dollar when they cited reasons for opposing Fed rate cuts.  The dollar also rose after the Oct MNI Chicago PMI rose more than expected.  The dollar has carryover support from Wednesday on hawkish comments from Fed Chair Powell, who said a rate cut at the December FOMC meeting "is not a foregone conclusion." Gains in the dollar are limited as today's stock market rally has curbed liquidity demand for the dollar.

The dollar is still under pressure from the ongoing US government shutdown.  The longer the shutdown is maintained, the more likely the US economy will suffer and the more likely the Fed will have to cut interest rates.

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