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Barchart
Barchart
Rich Asplund

Dollar Posts Modest Gains Ahead of FOMC Meeting Results

Euro US Federal Reserve France ECB

The dollar index (DXY00) Tuesday rose by +0.04% and posted a 4-week high. Persistent weakness in the euro benefits the dollar as political upheaval in France knocked the euro down to a 5-week low Tuesday.  Also, the dollar is supported by expectations the Fed will leave policy unchanged at the conclusion of the 2-day FOMC meeting on Wednesday.  The dollar fell back from its best levels Tuesday after a decline in T-note yields supported a recovery in stock prices.

The markets are discounting the chances for a -25 bp rate cut at 1% for the June 11-12 FOMC meeting, 8% for the following meeting on July 30-31, and 49% for the meeting after that on Sep 17-18.

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