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Rich Asplund

Dollar Weakens on Lower Bond Yields and Stronger Stocks

Nagel United States GDP Bundesbank ECB Governing Council Hammack International Monetary Fund Cleveland Fed US Federal Reserve

The dollar index (DXY00) today is down by -0.10%. The dollar today gave up an early advance and turned moderately lower after the 10-year T-note yield fell to a 2-week low of 4.566%, weakening the dollar's interest rate differentials. Also, today's stock rally has curbed liquidity demand for the dollar.

The dollar today initially moved higher on better-than-expected US economic news on Dec housing starts and Dec manufacturing production. Also, today's action by the IMF to raise its 2025 US GDP forecast due to stronger demand supports the dollar. In addition, hawkish comments from Cleveland Fed President Hammack were bullish for the dollar when she said the Fed could be "very patient" on further interest rate cuts.

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