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Barchart
Barchart
Rich Asplund

Dollar Rises on Weakness in Stocks and the Euro

Euro France ECB US Federal Reserve

The dollar index (DXY00) today is up by +0.25% at a 4-week high.  Weakness in stocks today has boosted some liquidity demand for the dollar.  Also, persistent weakness in the euro is benefitting the dollar as political upheaval in France knocked the euro down to a 5-week low today.  In addition, the dollar is supported by expectations the Fed will leave policy unchanged at the conclusion of the 2-day FOMC meeting on Wednesday. 

The markets are discounting the chances for a -25 bp rate cut at 1% for the June 11-12 FOMC meeting, 8% for the following meeting on July 30-31, and 49% for the meeting after that on Sep 17-18.

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