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Barchart
Barchart
Rich Asplund

Dollar Gains on Higher T-note Yields and Euro Weakness

Euro Kazimir Nagel ECB Governing Council ECB Interest Rates United States US Federal Reserve

The dollar index (DXY00) today is up by +0.41% at a 3-1/2 week high.  The dollar is moving higher today on carryover support from last Friday’s stronger-than-expected US May payroll report, which curbed expectations for Fed rate cuts.  Also, higher T-note yields today are supportive for the dollar and weaker stocks have boosted liquidity demand for the dollar. 

The markets are discounting the chances for a -25 bp rate cut at 1% for the June 11-12 FOMC meeting, 8% for the following meeting on July 30-31, and 50% for the meeting after that on Sep 17-18.

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