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Barchart
Barchart
Rich Asplund

Dollar Rallies on US Economic Strength

United States Euro ECB US Federal Reserve

The dollar index (DXY00) today is up by +0.42% at a new 2-year high.  Signs of strength in the US labor market are boosting the dollar today after weekly jobless claims unexpectedly fell to an 8-month low.  Also, weakness in the euro is boosting the dollar as EUR/USD fell to a 2-year low today on fears that Europe’s export-orientated economies will be hit hard by US trade tariffs from the incoming Trump administration.  The dollar added to its gains today after the US Dec S&P manufacturing PMI was revised higher, a sign of economic strength.

US weekly initial unemployment claims unexpectedly fell -9,000 to an 8-month low of 211,000, showing a stronger labor market than expectations of an increase to 221,000.

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