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Barchart
Barchart
Rich Asplund

Dollar Rallies on Stronger-Than-Expected US Economic Reports

United States Gold ECB US Federal Reserve

The dollar index (DXY00) this morning is up by +0.42%.  The dollar is moving higher today on strength in US economic reports.  Weekly jobless claims unexpectedly declined, the Mar S&P manufacturing PMI rose to a 1-3/4 year high, and Feb existing home sales unexpectedly rose to a 1-year high, hawkish factors for Fed policy.   Also, weakness in GBP/USD is giving the dollar a boost after the BOE kept interest rates unchanged, and no policy member voted for a rate hike for the first time since September 2021.  Today’s stock rally has curbed liquidity demand for the dollar. 

US weekly initial unemployment claims unexpectedly fell -2,000 to 210,000, showing a stronger labor market than expectations of an increase to 213,000.  Weekly continuing claims rose +4,000 to 1.807 million, showing a stronger labor market than expectations of 1.820 million.

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