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Barchart
Barchart
Rich Asplund

Dollar Recovers on Signs of US Economic Strength

United States University of Michigan Euro US Federal Reserve

The dollar index (DXY00) today is up by +0.27%.  The dollar recovered today from a 3-1/2 week low and is moderately higher. Short covering emerged in the dollar today after the University of Michigan US Dec consumer sentiment index rose more than expected to an 8-month high.  The dollar also garnered support after US Nov nonfarm payrolls and Nov average hourly earnings rose more than expected, a sign of economic strength. 

The dollar today initially moved lower on the US Nov payroll report that showed the Nov unemployment rate unexpectedly increased, which boosted the chances for a Fed rate cut at the Dec 17-18 FOMC meeting to 87% from 70% before the report.

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