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Barchart
Barchart
Rich Asplund

Dollar Moves Higher on US Economic Strength and Euro Weakness

The dollar index (DXY00) today is up by +0.19% and climbed to a 2-1/2 month high. Today’s better-than-expected US economic news on weekly jobless claims, Sep retail sales, and the Oct NAHB housing market index support the dollar.  Also, the weakness in the euro is boosting the dollar after the ECB cut interest rates today.  Strength in stocks today is limiting liquidity demand for the dollar.

US weekly initial unemployment claims unexpectedly fell -19,000 to 241,000, showing a stronger labor market than expectations of an increase to 259,000.

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