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Rich Asplund

Dollar Recovers on US Trade Deal Optimism

United States Donald Trump Powell Rehn US Federal Reserve ECB ECB Governing Council International Monetary Fund Euro eurozone

The dollar index (DXY00) today is up by +0.32%.  The dollar today is rebounding higher from Monday's 3-year low.  Short covering emerged in the dollar today on trade deal optimism after US trade negotiators said they have made "significant progress" toward a bilateral trade deal with India following talks between Vice President Vance and Indian Prime Minister Modi. 

Gains in the dollar are limited after today's news showed the US Apr Richmond Fed manufacturing survey of current conditions fell more than expected to a 5-month low.  Also, a crisis of confidence in the dollar continues to be a problem due to fears that President Trump will try to fire Fed Chair Powell.  The firing of Powell would question the independence of the Fed and further reduce confidence in the dollar, which is already under pressure from President Trump's aggressive trade tariffs that have prompted some foreign investors to liquidate their dollar assets. 

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