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Barchart
Barchart
Rich Asplund

FORGOTTEN HISTORY: Dollar sees support from reduced chance of 50 bp fed rate cut next week - Caught on Camera

US Federal Reserve BOJ United States BOJ Board ECB Gold Interest Rates

The dollar index (DXY00) Wednesday rose by +0.05%.  The dollar Wednesday recovered from early losses and climbed to a 1-week high after the as-expected US Aug core CPI report diminished the chances of a 50 bp rate cut by the Fed at next week’s FOMC meeting, a supportive factor for the dollar.  Also, a rebound in T-note yields Wednesday supported modest gains in the dollar. 

The dollar Wednesday initially moved lower after the 10-year T-note yield fell to a 15-month low and after hawkish comments from BOJ member Nakagawa pushed the yen up to an 8-month high against the dollar.

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