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Barchart
Rich Asplund

Dollar Recovers Early Losses as Bond Yields Climb

Mester US Federal Reserve United States Cleveland ECB

The dollar index (DXY00) Friday rose +0.58%.   The dollar Friday recovered from early losses and moved higher as T-note yields rose on the stronger-than-expected U.S. Aug ISM manufacturing index.  Also, hawkish comments Friday from Cleveland Fed President Mester supported the dollar.  The dollar Friday initially moved lower after the U.S. Aug unemployment rate unexpectedly rose to a 1-1/2 year high.

U.S. Aug nonfarm payrolls rose +187,000, stronger than expectations of +170,000.  However, the Aug unemployment rate unexpectedly rose +0.3 to a 1-1/2 year high of 3.8%, showing a weaker labor market than expectations of no change at 3.5%.  Aug average hourly earnings eased to +4.3% y/y from +4.4% y/y in July, right on expectations.

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