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Barchart
Barchart
Rich Asplund

Dollar Relinquishes Early Gains as the Euro Rebounds

Euro Oil US Federal Reserve Economy Christopher Waller ECB GDP Gold Inflation BOJ

The dollar index (DXY00) is down by -0.08% today. The dollar gave up an early advance and turned lower today after the euro rallied when the German Economy Ministry raised its 2026 German GDP forecast.

The dollar initially moved higher today after WTI crude oil rallied more than +4%, which raises inflation expectations and is hawkish for Fed policy and supportive of the dollar. Also, hawkish comments from Fed Governor Christopher Waller were bullish for the dollar today, as he said he expects additional Fed rate hikes to tame inflation. In addition, today’s unexpected decline in weekly US jobless claims to a 2.5-month low shows labor market strength that is bullish for the dollar.

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