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Rich Asplund

Dollar Slumps and Gold Rallies on Fed Rate Cut Hopes

US Federal Reserve Gold United States BOJ ECB Villeroy de Galhau ECB Governing Council eurozone

The dollar index (DXY00) today is down by -0.26% and dropped to a 5-week low. Today’s US economic reports were dovish for the Fed and weighed on the dollar.  Today’s rally in the S&P 500 to a record high also curbed liquidity demand for the dollar. 

US Apr CPI eased to +3.4% y/y from +3.5% y/y in March, right on expectations.  Apr CPI ex-food and energy eased to +3.6% y/y from +3.8% y/y in March, right on expectations and the smallest increase in 3 years.

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