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Barchart
Barchart
Rich Asplund

Dollar Sees Support from Positive Empire Report and Reduced Fed Rate-Cut Expectations

US Federal Reserve ECB European Commission Gold Luis de Guindos Takaichi United States BOJ GDP Japan

The dollar index (DXY00) today is up by +0.25%.  The dollar is climbing on today’s news that the Nov Empire manufacturing general business conditions survey unexpectedly rose to a 1-year high.  The dollar also has carryover support from last week when a parade of Fed presidents said they favored keeping interest rates steady, which reduced the chances of a Fed rate cut at next month’s FOMC meeting to 41% from 70% earlier this month. 

The US Nov Empire manufacturing general business conditions survey unexpectedly rose +8.0 to a 1-year high of 18.7, stronger than expectations of a decline to 5.8.

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