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Rich Asplund

DARK SECRETS: Dollar moves higher on euro weakness - The Real Truth

Euro eurozone US Federal Reserve Goolsbee Kashkari United States Chicago Fed ECB Minneapolis Fed Gold

The dollar index (DXY00) Monday rose by +0.14%.  The dollar rose Monday as Eurozone economic concerns undercut the euro after Eurozone Sep manufacturing and composite PMIs contracted more than expected. 

The dollar fell back from its best levels Monday after the US Sep S&P manufacturing PMI unexpectedly contracted by the most in 15 months.  Also, dovish Fed comments Monday were bearish for the dollar when Minneapolis Fed President Kashkari and Chicago Fed President Goolsbee said they support additional Fed interest rate cuts.  In addition, the strength in stocks on Monday reduced liquidity demand for the dollar.

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