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Rich Asplund

Dollar Rises as US Q2 Nonfarm Productivity and Aug ISM Services Strengthen

United States Gold Merz silver US Federal Reserve

The dollar index (DXY00) today is up by +0.19%.  The dollar is moving higher today on mixed US economic reports.  The upward revision to Q2 nonfarm productivity and the downward revision to Q2 unit labor costs are supportive for the dollar.  The dollar also found support after the Aug ISM services index expanded at its fastest pace in six months. 

However, the smaller-than-expected increase in the Aug ADP employment change and rise in weekly jobless claims to a 10-week high were dovish for Fed policy and bearish for the dollar. The dollar is awaiting Friday’s monthly US payroll report for direction.

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