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Barchart
Barchart
Rich Asplund

Dollar Moves Lower as Banking Concerns Subside

ECB

The dollar index (DXY00) on Tuesday fell by -0.41%. The dollar retreated Tuesday for a second day as an easing of banking-sector contagion reduced the liquidity demand for the dollar.  However, the dollar saw support from weakness in stocks Tuesday.

Tuesday’s U.S. economic data was mixed for the dollar.  On the negative side, Feb wholesale inventories unexpectedly rose +0.2% m/m versus expectations of a -0.2% m/m decline.  Conversely, the   Conference Board’s March U.S. consumer confidence index unexpectedly rose +0.8 to 104.2, stronger than expectations of a drop to 101.0.  Also, the Mar Richmond Fed manufacturing survey rose +11 to -5, stronger than expectations of -10.

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