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Barchart
Rich Asplund

Dollar Recovers on Hawkish Fed Comments

Austan Goolsbee Lorie Logan Chicago Fed United States BOJ Dallas Fed ECB Uchida US Federal Reserve Kazaks

The dollar index (DXY00) recovered from early losses on Thursday and finished up by +0.11%.  Hawkish Fed comments on Thursday sparked short covering in the dollar after Dallas Fed President Lorie Logan and Chicago Fed President Austan Goolsbee said the Fed should be wary about additional interest rate cuts. 

The dollar initially moved lower on Thursday as the US government shutdown entered its second day. Also, signs of weakness in the US labor market are bolstering the outlook for the Fed to cut interest rates at the October 28-29 FOMC meeting and are undercutting the dollar after Thursday's report from private firm Challenger, Gray & Christmas showed US employers have cut the most jobs so far this year since 2020.

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