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Barchart
Barchart
Rich Asplund

Dollar Slips as Stocks and the Euro Rally

Euro ECB Inflation Schnabel United States GDP Gold US Federal Reserve

The dollar index (DXY00) on Thursday fell by -0.48%.  An unexpected downward revision Thursday to U.S. Q4 GDP weighed on the dollar.  Also, stronger-than-expected German inflation news Thursday was hawkish for ECB policy and pushed the euro higher against the dollar.  In addition, a rally in U.S. stocks Thursday reduced the liquidity demand for the dollar. 

Wednesday’s U.S. economic data was bearish for the dollar.  Weekly initial unemployment claims rose +7,000 to 198,000, showing a slightly weaker labor market than expectations of 196,000.  Also, Q4 GDP was revised downward to 2.6% (q/q annualized) from +2.7% as Q4 personal consumption was revised down to +1.0% from +1.4%.

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