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Rich Asplund

Dollar Supported and Gold Prices Sink on Trade Deal Optimism

US Federal Reserve United States Gold Kashkari China Lutnick ECB Minneapolis Fed University of Michigan

The dollar index (DXY00) today is up slightly by +0.07%.  Positive trade news is bullish for the dollar as the US moves closer to trade deals with China and other trading partners.  The dollar also found support after the US May core PCE price index, the Fed's preferred gauge of underlying inflation, rose more than expected, a hawkish factor for Fed policy.  In addition, an upward revision to the University of Michigan's US June consumer sentiment index is supportive of the dollar.

Gains in the dollar are limited from today's weaker-than-expected US May personal spending and income reports.  Also, dovish comments from Minneapolis Fed President Kashkari weighed on the dollar when he said he sees two 25 bp Fed rate cuts this year. 

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