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Barchart
Barchart
Rich Asplund

Dollar Gains on Weakness in Most G-10 Currencies

Nagel ECB Bundesbank Chinese Yuan ECB Governing Council

The dollar index (DXY00) this morning rose to a 5-week high and is up by +0.20%.  The dollar today is garnering strength from a fall in EUR/USD to a 3-week low and a decline in GBP/USD to a 5-week low.  Also, the Chinese yuan tumbled to a 4-month low against the dollar today after Chinese authorities set a weaker-than-expected daily fixing, fueling speculation they would tolerate further losses in the currency.  Weakness in stocks today has also spurred some liquidity demand for the dollar. 

The markets are discounting the chances for a -25 bp rate cut at 17% for the next FOMC meeting on April 30-May 1 and 81% for the following meeting on June 11-12.

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