The dollar index (DXY00) on Thursday rose by +0.41% and posted at a 1.5-week high. The dollar garnered support from hawkish Fed comments. Kansas City Fed President Jeffrey Schmid said “modestly restrictive” monetary policy is still appropriate due to inflation risks. Meanwhile, Cleveland Fed President Beth Hammack said she doesn’t support cutting interest rates.
The dollar added to its gains on stronger-than-expected US PMI and existing home sales reports. In addition, weakness in stocks on Thursday also boosted liquidity demand for the dollar.
