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Barchart
Barchart
Rich Asplund

Dollar Tumbles as Bond Yields Slide and the Yen Strengthens

United States Barkin ECB Japan Inflation Richmond Fed

The dollar index (DXY00) today is down by -0.50% at a 1-week low.  The dollar added to Tuesday's sharp losses today after the 10-year T-note yield dropped to a 7-week low.  Also, stronger-than-expected Japanese wage news pushed the yen to a 7-week high today against the dollar.  In addition, the widening of the US Dec trade deficit to a 2-3/4 year high was bearish for the dollar.  The dollar extended its losses after the US Jan ISM services index fell more than expected.

Bullish factors for the dollar today included the stronger-than-expected US Dec ADP employment report.  Also, Richmond Fed President Barkin's comments today indicate that he favors keeping Fed policy steady, a supportive factor for the dollar.  In addition, today's stock weakness has boosted liquidity demand for the dollar.

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