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Barchart
Barchart
Rich Asplund

Dollar Slides on Euro Strength and a Rally in Stocks

ECB Euro BOJ US Federal Reserve Interest Rates Kazaks Simkus Barkin Bostic Ueda

The dollar index (DXY00) on Tuesday fell by -0.37%.  Lower T-note yields Tuesday weighed on the dollar.  Also, hawkish ECB comments Tuesday supported the euro and weighed on the dollar.  In addition, the strength in stocks on Tuesday reduced the liquidity demand for the dollar. 

Tuesday’s U.S. housing news was mixed for the dollar.  On the positive side, Nov housing starts unexpectedly rose +14.8% m/m to a 6-month high of 1.56 million, stronger than expectations of a decline to 1.36 million.  Conversely, Nov building permits, a proxy for future construction, fell -2.5% m/m to a 4-month low of 1.460 million, weaker than expectations of a decline to 1.465 million.

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