
The dollar index (DXY00) on Wednesday fell back from a 2-1/2 week high and declined by -0.28%. The dollar gave up an early advance Wednesday and turned lower after the results of the FOMC meeting showed policymakers maintained their outlook for a total of 75 bp of interest rate cuts this year. Wednesday’s stock rally also reduced liquidity demand for the dollar.
US weekly MBA mortgage applications fell -1.6% in the week ended March 15. The purchase mortgage sub-index fell -1.2%, and the refinancing sub-index fell -2.5%. The average 30-year fixed rate mortgage rose +13 bp to 6.97% from 6.84% in the prior week.