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Barchart
Barchart
Rich Asplund

Dollar Little Changed as Stocks Recover

Bullard St. Louis Fed United States ECB

The dollar index (DXY00) on Thursday rose by +0.01%.  The dollar on Thursday gave up an early advance and was little changed.  A rebound in stock prices Thursday curbed the liquidity demand for the dollar.  Also, signs of weakness in the U.S. labor market knocked the 10-year T-note yield down to a 6-3/4 month low and weighed on the dollar after weekly jobless claims rose more than expected.  The dollar found support Thursday on comments from St. Louis Fed President Bullard, who said incoming Q1 economic data is stronger than expected. 

Thursday’s weekly U.S. jobless claims report was bearish for the dollar.  U.S. weekly initial unemployment claims fell -18,000 to 228,000, showing a weaker labor market than expectations of 200,000.  Also, weekly continuing claims rose +6,000 to a 15-month high of 1.823 million, showing a weaker labor market than expectations of 1.700 million.

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