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Barchart
Rich Asplund

Dollar Inches Higher on US Economic Strength

United States ECB Fabio Panetta Gediminas Simkus ECB Governing Council Japan Gold Jeff Schmid US Federal Reserve BOJ

The dollar index (DXY00) today is up +0.02%. The dollar found some support today after the May MNI Chicago PMI rose more than expected at its strongest pace in 4.25 years. On the negative side for the dollar is the improving prospects for a US-Iran peace deal, which has fueled a stock rally, reducing liquidity demand for the dollar. Also, today's -1% fall in WTI crude oil to a 5-week low lowers inflation expectations and could prompt the Fed to ease monetary policy, a bearish factor for the dollar.

The US May MNI Chicago PMI rose +13.5 to 62.7, stronger than expectations of 50.3 and the strongest pace of expansion in 4.25 years.

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