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Barchart
Barchart
Rich Asplund

Dollar Supported by Higher Bond Yields

BOJ Ueda ECB

The dollar index (DXY00) today is up by +0.02%.  The dollar today recovered from overnight losses and is slightly higher.  The dollar’s interest rate differentials have strengthened today and are boosting the dollar after the 10-year T-note yield rose to a new 7-month high.  Also, the weakness in stocks today has boosted some liquidity demand for the dollar. Mixed US labor market news today is limiting the upside in the dollar.

Weekly US labor market news is mixed.  Weekly initial unemployment claims unexpectedly fell -1,000 to a 1-month low of 219,000, showing a stronger labor market than expectations of an increase to 223,000.  However, weekly continuing unemployment claims rose +46,000 to a 3-year high of 1.910 million, above expectations of 1.881 million and a sign that it is taking longer for out-of-work people to find a job.

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