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Barchart
Barchart
Rich Asplund

Dollar Supported by Weak Stocks and Higher Bond Yields

Oil ECB Gold BOJ Iran United States Inflation PBOC SP US Federal Reserve

The dollar index (DXY00) today is up by +0.38%.  The dollar is moving higher today as the ongoing war with Iran drags on, boosting safe-haven demand for the dollar.  Also, today's +3% jump in crude oil prices may stoke inflation and prompt the Fed to tighten monetary policy, a supportive factor for the dollar.  The dollar added to its gains after the Mar S&P manufacturing PMI unexpectedly increased.

US Q4 nonfarm productivity was left unrevised at +1.8%, but Q4 unit labor costs were revised upward to +4.4% from +2.8%, stronger than expectations of +3.6%.

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