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Rich Asplund

Dollar Gains and Gold Falls on Hawkish Fed Comments

Beth Hammack Jeff Schmid Lorie Logan Gold Cleveland Fed Dallas Fed Kansas City Fed US Federal Reserve United States ECB

The dollar index (DXY00) on Friday rose by +0.27% and posted a fresh 2.75-month high.  Hawkish comments on Friday from Kansas City Fed President Jeff Schmid, Dallas Fed President Lorie Logan, and Cleveland Fed President Beth Hammack 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 were limited as Friday’s stock market rally 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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