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Barchart
Barchart
Rich Asplund

Dollar Supported by Higher T-Note Yields

US Federal Reserve John Williams ECB eurozone Japan United States Inflation New York Fed Gold Comex

The dollar index (DXY00) climbed to a 2-month high on Tuesday, finishing up by +0.19%. The dollar found support on Tuesday from rising T-note yields as the 10-year T-note yield jumped to a new 19-year high, strengthening the dollar’s interest rate differentials.

Dollar gains were limited Tuesday by weaker-than-expected US economic news on Aug JOLTS job openings and Sep consumer confidence. Also, Tuesday’s -3% decline in WTI crude oil has eased inflation expectations and is dovish for Fed policy. In addition, dovish comments from New York Fed President John Williams weighed on the dollar when he said the Fed may need only one more rate hike to contain inflation.

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