The dollar index (DXY00) Monday rose by +0.20%. The dollar on Monday recovered from a 1-1/2 month low and posted moderate gains. Strength in T-note yields on Monday was bullish for the dollar. Also, hawkish comments from Fed Vice Chair Brainard helped the dollar recover early losses when she said the U.S. economy is performing exceptionally well. The dollar on Monday initially opened lower on ideas that the Fed’s rate-hike regime is over and that the Fed may be cutting interest rates by mid-2024.
Monday’s comments from Fed Vice Chair Brainard supported the dollar when she said the economy is performing exceptionally and is coming to the point of sustainable growth and that most forecasters are taking recession calls off the table.
