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Barchart
Barchart
Rich Asplund

Dollar Slips as T-Note Yields Fall

US Federal Reserve Bullard Bostic Atlanta Fed ECB St. Louis Fed China GDP Chinese Yuan

The dollar index (DXY00) on Tuesday fell by -0.36% as T-note yields declined.  Also, strength in the Chinese yuan Tuesday undercut the dollar after China's Q1 GDP expanded more than forecast.  Hawkish comments Tuesday from St. Louis Fed President Bullard and Atlanta Fed President Bostic provided underlying support for the dollar.  The market shows an 88% chance the Fed will raise the federal funds target range by 25 bp at the upcoming May 2-3 FOMC meeting.

Tuesday’s U.S. housing news was mixed for the dollar.  On the positive side, Mar housing starts fell -0.8% to 1.42 million, a smaller decline than expectations of 1.40 million.  Conversely, Mar housing permits, a proxy for future construction, fell -8.8% m/m to 1.413 million, weaker than expectations of 1.450 million.

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