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Barchart
Barchart
Rich Asplund

Dollar Pushes Higher and Gold Falls as Global Trade Tensions Ease

Donald Trump United States Gold United Kingdom BOJ Powell US Federal Reserve

The dollar index (DXY00) today is up by +0.30%.  The dollar today is moderately higher on easing global trade tensions after President Trump announced a new comprehensive trade deal with the UK. The dollar also found support after US weekly jobless claims fell more than expected and Q1 unit labor costs rose more than expected, hawkish factors for Fed policy.  In addition, the dollar has carryover support from Wednesday when Fed Chair Powell said, "I don't think we need to be in a hurry to adjust interest rates." Gains in the dollar were limited after Q1 nonfarm productivity declined for the first time in almost 3 years. 

US weekly initial unemployment claims fell -13,000 to 228,000, showing a stronger labor market than expectations of 230,000.

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