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Barchart
Barchart
Rich Asplund

Dollar Gains on Solid US Economic News and Hawkish Wiliams

United States ECB Philadelphia Fed John Williams Gold New York Fed BOJ PBOC US Federal Reserve

The dollar index (DXY00) today is up by +0.17%.  The dollar recovered from a 6-week low today and is moving higher on better-than-expected US economic news.  Weekly jobless claims fell more than expected, and the Apr Philadelphia Fed business outlook survey unexpectedly rose to a 15-month high. Also, hawkish comments today from New York Fed President John Williams, who signaled he favors steady Fed policy, are supportive of the dollar.

The dollar initially moved lower today as the US and Iran are considering extending their ceasefire, which ends on Tuesday, by another two weeks to allow more time to negotiate a peace agreement, easing geopolitical concerns and reducing safe-haven demand for the dollar. 

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