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Barchart
Barchart
Rich Asplund

Dollar Recovers on Higher T-Note Yields

ECB Holzmann BOJ Ueda ECB Governing Council US Federal Reserve

The dollar index (DXY00) on Thursday rose by +0.24%.  The dollar on Thursday recovered from a 5-month low and posted moderate gains. Higher T-note yields Thursday sparked short covering in the dollar.  The dollar Thursday initially moved lower on strength in the yen, which rallied to a 5-month high on hawkish BOJ comments.  Also, expectations for the Fed to begin cutting interest rates in 2024 weighed on the dollar. 

U.S. economic news Thursday was dovish for Fed policy and bearish for the dollar.  Weekly initial unemployment claims rose +12,000 to 218,000, showing a weaker labor market than expectations of an increase to 210,000. Also, Nov pending home sales were unchanged m/m, weaker than expectations of +0.9% m/m.

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