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Barchart
Rich Asplund

Dollar Sees Support from Outlook for the Fed to Delay Rate Cuts

US Federal Reserve ECB United States Barkin Collins Interest Rates LAGARDE Williams Inflation Unemployment

The dollar index (DXY00) on Thursday climbed to a 4-3/4 month high and slightly higher.  Higher T-note yields Thursday supported the dollar after the 10-year T-note yield rose to a 4-3/4 month high.  Also, Thursday’s US weekly initial unemployment claims report fell more than expected to a 5-week low, a sign of labor market strength that was hawkish for Fed policy.  In addition, hawkish Fed comments Thursday gave the dollar a boost when several policymakers said the Fed could take its time before cutting interest rates. 

The dollar gave up most of its advance Thursday and turned slightly lower as stocks rallied, which reduced liquidity demand for the dollar.  Also, Thursday’s US Mar PPI report rose less than expected, a dovish factor for Fed policy. 

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