
The dollar index (DXY00) today is up by +0.50%. The dollar is moving higher today after bond yields rose on hawkish comments from Kansas City Fed President Schmid who said he wants to see more economic data before supporting any decision to begin cutting interest rates.
The dollar remained higher after weekly US continuing unemployment claims rose less than expected, signaling a stronger labor market that is hawkish for Fed policy. However, gains in the dollar are limited after the US manufacturing PMI index fell to its weakest level in 8 months.