The dollar index (DXY00) today is up by +0.14%. The dollar today recovered from early losses and is moderately higher, just below Thursday’s 1-year high on Thursday. The dollar has risen in six consecutive sessions and extended the post-election rally on speculation that T-note yields will increase as inflation increases due to President-elect Trump’s pro-tariff policies. The dollar also garnered support as T-note yields rose on today’s stronger-than-expected US economic news on Oct retail sales and the Nov Empire manufacturing survey. In addition, hawkish comments from Boston Fed President Collins boosted the dollar when she said a December interest rate cut by the Fed isn't a "done deal."
US Oct retail sales rose +0.4% m/m, stronger than expectations of +0.3% m/m, and Sep was revised higher to +0.8% m/m from the previously reported +0.4% m/m.
