The dollar index (DXY00) is up by +0.46% today. The dollar is moving higher today, rebounding from Thursday's 6-week low. Higher T-note yields today have strengthened the dollar's interest rate differentials. T-note yields rose today on stronger-than-expected US economic news, including the Q2 employment cost index, the Jul MNI Chicago PMI, and the University of Michigan US Jul consumer sentiment index. Also, today's +1% increase in WTI crude oil prices raises inflation expectations and could prompt the Fed to tighten monetary policy, a supportive factor for the dollar.
The US Q2 employment cost index rose +0.9%, stronger than expectations of +0.8%.
