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Barchart
Barchart
Rich Asplund

Dollar Higher While Yen Falls on Dovish BOJ Comments

BOJ Uchida ECB Rehn ECB Governing Council Interest Rates

The dollar index (DXY00) today is up by +0.22%.  Higher T-note yields today are supporting gains in the dollar. Also, weakness in the yen is giving the dollar a boost after the yen tumbled more than -1% today on dovish comments from BOJ Deputy Governor Uchida, who said the BOJ won’t raise interest rates further when financial markets are in turmoil.  Strength in stocks today is limiting the upside in the dollar. 

The markets are discounting the chances at 100% for a -25 bp rate cut at the Sep 17-18 FOMC meeting and at 71% for a -50 bp rate cut at that meeting.

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