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Rich Asplund

Dollar Gains on Euro Ahead of Thursday’s Expected ECB Rate Cut

ECB Euro US Federal Reserve Interest Rates BOJ United States

The dollar index (DXY00) Wednesday rose by +0.15%. The dollar raced to its high Wednesday after the May ISM services index rose more than expected, a hawkish factor for Fed policy. The euro is being undercut by expectations for the ECB to cut interest rates on Thursday. Also, Wednesday’s mixed news on Japanese wages weighed on the yen to the dollar’s benefit.

On the bearish side for the dollar, the US May ADP employment change rose less than expected, a dovish factor for Fed policy. Also, T-note yields moved lower, which weakened the dollar’s interest rate differentials.

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