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Barchart

Rich Asplund

Dollar Rallies on Higher Crude Oil Prices and Hawkish Fed Comments

Cleveland Fed Oil ECB Inflation Monetary Policy Interest Rates Yannis Stournaras Gold ECB Governing Council Japanese Yen

The dollar index (DXY00) rallied to a 1.5-year high on Monday, finishing up +0.37%. The dollar rallied on Monday amid stronger crude prices. WTI crude rose more than +2% on Monday, raising inflation expectations that could prompt the Fed to tighten monetary policy and support the dollar. The dollar raced to its high on Monday amid hawkish comments from Cleveland Fed President Beth Hammack, who said inflation pressures are broad-based, not concentrated, and that restrictive Fed policy is needed to reach 2% inflation.

Markets are pricing in a 22% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.

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