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Barchart
Barchart
Rich Asplund

Dollar Slides as FOMC Maintains 75 bp of Rate Cuts This Year

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.

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