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Barchart
Barchart
Rich Asplund

Dollar Weakens on Fed Rate Cut Prospects

US Federal Reserve ECB Centeno Knot ECB Governing Council United States Interest Rates BOJ British Pound Euro

The dollar index (DXY00) Tuesday tumbled to a 13-month low and finished down by -0.27%.  Recent Fed comments and Fed-friendly economic news seemed to confirm that the Fed will begin cutting interest rates next month, a negative factor for the dollar. Also, strength in the British pound (^GBPUSD) weighed on the dollar after GBP/USD rallied to a 2-1/3 year high Tuesday. 

Higher T-note yields Tuesday limited losses in the dollar.  Also, heightened geopolitical risks in the Middle East supported safe-haven demand for the dollar.  Tuesday’s US economic news was mixed for the dollar.

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