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Barchart
Barchart
Rich Asplund

Weak Stocks and Higher Bond Yields Boost the Dollar

LAGARDE ECB Richmond Fed BOJ Gold Interest Rates eurozone Euro

The dollar index (DXY00) today is up slightly by +0.05% and posted a fresh 2-1/2 month high.  Today’s retreat in stocks is boosting liquidity demand for the dollar.  Also, today’s news that showed that the Oct Richmond Fed manufacturing survey rose to a 4-month high is bullish for the dollar. In addition, dovish comments today from ECB President Lagarde knocked the euro down to a 2-1/2 month low and benefited the dollar. 

The US Oct Richmond Fed manufacturing survey rose +7 to a 4-month high of -14, stronger than expectations of -17.

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