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Barchart
Barchart
Rich Asplund

Dollar Gains and Gold Plunges as Fed Rate Cut Expectations Recede

Jeff Schmid Gold Kansas City Fed US Federal Reserve BOJ ECB Kansas City

The dollar index (DXY00) is up by +0.15% as it recovers from Thursday's 2-week low.  The dollar is moving higher today as a slump in stocks has boosted liquidity demand for the dollar.  The dollar extended its gains today on hawkish comments from Kansas City Fed President Jeff Schmid, who said more Fed rate cuts could drive inflation pressures.

The dollar also has carryover support from Thursday, when several Fed presidents said they favored keeping interest rates steady, knocking the chances of a Fed rate cut at next month's FOMC meeting down to 48% from 70% last week.

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