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Barchart
Barchart
Rich Asplund

Dollar Rallies on U.S. Economic Strength and Euro Weakness

The dollar index (DXY00) Thursday rose by +0.59% and posted a 6-month high.  The dollar on Thursday moved higher on better-than-expected U.S. economic reports. Also, weakness in EUR/USD benefited the dollar after the ECB Thursday signaled it would pause its rate hike cycle, which knocked the euro down to a 5-3/4 month low against the dollar.

U.S. weekly initial unemployment claims rose +3,000 to 220,000, showing a stronger labor market than expectations of 225,000.

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