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Barchart
Barchart
Rich Asplund

Dollar Gains as FOMC Minutes Signal No Imminent Fed Rate Cut

US Federal Reserve silver Unemployment

The dollar index (DXY00) on Wednesday rose by +0.27% and posted a 2-1/2 week high. Weakness in stocks on Wednesday boosted the liquidity demand for the dollar.  The dollar also found support from the minutes of the Dec 12-13 FOMC meeting that said policymakers agreed it would be appropriate to maintain restrictive policy for some time.

U.S. economic news Wednesday was mixed for the dollar.  On the positive side, the Dec ISM manufacturing index rose +0.7 to 47.4, stronger than expectations of 47.1.  Conversely, the Nov JOLTS job openings unexpectedly fell -62,000 to a 2-1/2 year low of 8.790 million, showing a weaker labor market than expectations of an increase to 8.821 million.

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