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Barchart
Rich Asplund

THE TRUTH ABOUT: Dollar falls on lower bond yields and yen strength - The Untold Story

Dudley ECB New York Fed Gold US Federal Reserve Interest Rates BOJ ECB Governing Council University of Michigan

The dollar index (DXY00) today fell to a 1-week low and is down by -0.43%.  Dovish comments today from former New York Fed President Dudley knocked bond yields lower and weighed on the dollar when he said he sees “a strong case for a 50 bp cut” in interest rates at next week’s FOMC meeting.  Strength in the yen also undercuts the dollar as the yen jumped to an 8-1/2 month high against the dollar today.  Today’s economic news was mixed for the dollar after the US Aug import price index ex-petroleum unexpectedly fell, and the University of Michigan Sep consumer sentiment index rose to a 4-month high.

The US Aug import price index ex-petroleum unexpectedly fell -0.1% m/m, weaker than expectations of a +0.2% m/m increase.

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