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Barchart
Rich Asplund

Dollar Gains on Concerns about Less-Dovish Fed

Powell US Federal Reserve Cipollone ECB Gold Japan Ministry of Finance

The dollar index (DXY00) today is up by +0.63% at a 1.5-week high. The dollar is climbing today on positive carryover from Tuesday when Fed Chair Powell offered no hints on whether he would support a rate cut at next month's FOMC meeting, signaling the Fed may be less dovish than the markets have currently priced in.  Also, weakness in EUR/USD today is supportive for the dollar after a gauge of German business confidence unexpectedly declined.  The dollar extended its gains today after US Aug new home sales unexpectedly jumped to a 3.5-year high.

US Aug new home sales unexpectedly jumped +20.5% m/m to a 3.5-year high of 800,000, versus expectations of a decline to 650,000.

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