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Rich Asplund

Dollar Slides and Gold Jumps to a Record High as Global Bond Yields Fall

BOJ ECB Gold Himino GDP Interest Rates LAGARDE United States eurozone

The dollar index (DXY00) today is down by -0.30%. The dollar is under pressure from falling bond yields as the 10-year T-note yield dropped to a 6-week low today, which weakened the dollar’s interest rate differentials. Also, today’s strength in stocks has reduced liquidity demand for the dollar. The dollar also fell on the weaker-than-expected US Q4 GDP and Dec pending home sales reports. Today’s bigger-than-expected decline in US weekly jobless claims is a hawkish factor for Fed policy and supportive of the dollar.

US Q4 GDP rose +2.3% (q/q annualized), weaker than expectations of +2.6%. Q4 personal consumption rose +4.2%, stronger than expectations of +3.2%. The Q4 core PCE deflator rose +2.5%, right on expectations.

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