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Barchart
Rich Asplund

HISTORICAL FACTS: Dollar climbs on higher bond yields and weak stocks | History Defined

ECB US Federal Reserve Williams United States LAGARDE Unemployment Inflation New York Fed

The dollar index (DXY00) this morning extended Wednesday’s sharp rally to a 4-3/4 month high and is up by +0.16%.  Higher T-note yields today are supporting the dollar as the 10-year T-note yield rose to a 4-3/4 month high.  Also, US weekly initial unemployment claims fell more than expected to a 5-week low, a sign of labor market strength that is hawkish for Fed policy.  In addition, weakness in stocks today has boosted liquidity demand for the dollar.

Gains in the dollar are limited after today’s US Mar PPI report rose less than expected, a dovish factor for Fed policy.  Also, dovish comments today from New York Fed President Williams pressured the dollar when he said if the economy proceeds as expected, the Fed will begin to ease policy this year. 

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