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Barchart
Barchart
Rich Asplund

Dollar Gains on Higher Bond Yields and Yen Weakness

Unemployment Gold

The dollar index (DXY00) Tuesday rose by +0.42% and posted a 3-week high.  The dollar Tuesday garnered support from higher T-note yields.  Also, weakness in the yen gave the dollar a boost after the yen Tuesday dropped to a 3-week low against the dollar.  In addition, a slide in stocks boosted liquidity demand for the dollar.

Tuesday’s U.S. economic news was bearish for the dollar.  The Jul ISM manufacturing index rose +0.4 to 46.4, weaker than expectations of 46.9.  Also, the Jun JOLTS job openings fell -34,000 to a 2-year low of 9.582 million, showing a weaker labor market than expectations of 9.600 million.  In addition, Jun construction spending rose +0.5% m/m, weaker than expectations of +0.6% m/m.

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