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Rich Asplund

Dollar Slower Lower Ahead of Friday’s Monthly US Payroll Report

US Federal Reserve United States Powell ECB Kashkari Inflation Interest Rates Barkin BOJ Harker

The dollar index (DXY00) on Thursday fell by -0.10% and posted a 2-week low.  The dollar had a negative carryover from Wednesday when Fed Chair Powell stated it would be appropriate for the Fed to cut interest rates “at some point this year.” The dollar fell to its lows Thursday after US weekly jobless claims rose more than expected to a 2-month high, a dovish factor for Fed policy.  Also, the jump in the US Feb trade deficit to a 10-month high was bearish for the dollar.

The dollar recovered from its worst levels Thursday after the S&P 500 gave up an early advance and fell to a 2-week low, boosting liquidity demand for the dollar.  Also, hawkish comments from Minneapolis Fed President Kashkari sparked short covering in the dollar when he said the Fed may not cut interest rates this year if progress on inflation stalls.

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