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Barchart
Rich Asplund

Dollar Retreats on Signs of U.S. Economic Weakness

ECB Interest Rates United States US Federal Reserve

The dollar index (DXY00) on Tuesday fell by -0.22%.  The dollar on Tuesday fell back from a 3-week high and posted moderate losses.  Weaker-than-expected U.S. JOLTS job openings and factory orders reports knocked T-note yields lower and undercut the dollar.  The dollar Tuesday initially rose on expectations for the Fed to raise interest rates by +25 bp after the Tue/Wed FOMC meeting.

Tuesday’s weaker-than-expected U.S. economic news was bearish for the dollar.  Mar JOLTS job openings fell -341,000 to a 23-month low of 9.59 million, showing a weaker labor market than expectations of 9.736 million. Also, Mar factory orders rose +0.9% m/m, weaker than expectations of +1.2% m/m.

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