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Rich Asplund

Dollar Slips as Favorable PPI Reduces Fed Rate Hike Chances

US Federal Reserve United States Gold Euro eurozone Iran PBOC silver

The dollar index (DXY00) is down by -0.12% today. The dollar is under pressure today after US June producer prices rose less than expected, a dovish factor for Fed policy. Also, the benign CPI report has reduced the chances of a Fed rate hike at the FOMC meeting later this month to 11% from 43% on Monday, further weighing on the dollar.

Losses in the dollar are limited amid escalating hostilities in the Middle East that are boosting safe-haven demand for the dollar after US forces launched airstrikes against Iran today for a fifth day. Also, the Jul Empire manufacturing survey general business conditions report rose more than expected, a supportive factor for the dollar.

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