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Barchart
Barchart
Rich Asplund

Dollar Strengthens and Gold Sinks on the Fed's Hawkish Policy Update

Gold US Federal Reserve Oil United States ECB Interest Rates Martin Kocher ECB Governing Council Inflation PBOC

The dollar index (DXY00) today rallied to a 13-month high, up by 0.54%. The dollar is climbing today on carryover support from Wednesday, when the FOMC projected higher interest rates later this year. Today's US economic news is also supportive of the dollar as weekly jobless claims fell as expected and the June Philadelphia Fed business outlook survey rose more than expected.

On the negative side for the dollar is today's -2% decline in WTI crude oil prices to a 3.5-month low, which lowers inflation expectations and could potentially allow the Fed to pursue easier monetary policies, a bearish factor for the dollar. Also, today's stock rally has reduced liquidity demand for the dollar.

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