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Barchart
Barchart
Rich Asplund

Dollar Gains and Gold Falls on Hawkish Fed Comments

US Federal Reserve Austan Goolsbee Gold Chicago Fed Oil Bundesbank Interest Rates ECB PBOC United States

The dollar index (DXY00) is up by +0.16% today. The dollar is moving higher today on hawkish comments from Chicago Fed President Austan Goolsbee, who said the Fed may have to hike interest rates further to restore price stability. Dollar gains are limited by the -4% plunge in WTI crude oil, which eases inflation expectations and could persuade the Fed to loosen monetary policy, a bearish factor for the dollar. Also, a stronger Chinese yuan is undercutting the dollar as it climbed to a 3.5-year high today.

Today's US economic news showed the Aug Chicago Fed national activity index fell -0.12 to -0.04, right on expectations.

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