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Barchart
Rich Asplund

Dollar Slightly Lower as Mortgage Rates Climb in Negative Factor for U.S. Economy

Economy Barkin Bowman ECB US Federal Reserve Wunsch MBA ECB Governing Council Richmond Fed

The dollar index (DXY00) on Wednesday fell by -0.07% but stayed above Tuesday’s 2-week low.  On Wednesday, the dollar posted modest losses after the weekly MBA mortgage applications report showed the average 30-year fixed mortgage rate rose above 7% for the first time in 2 months, a negative factor for housing and the U.S. economy. 

Losses in the dollar were limited by hawkish comments from Fed Governor Bowman and Richmond Fed President Barkin and the hawkish minutes of the Jan 30-31 FOMC meeting.  Weakness in stocks on Wednesday also boosted some liquidity demand for the dollar.

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