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Barchart
Rich Asplund

BIZARRE: Dollar recovers on hawkish fed comments - What They Never Told You

US Federal Reserve Barkin Williams ECB New York Fed Richmond Fed Inflation Interest Rates Simkus ECB Governing Council

The dollar index (DXY00) on Monday rose by +0.03%.  The dollar on Monday recovered from early losses and posted modest gains after hawkish Fed comments sparked short covering in the dollar. New York Fed President Williams and Richmond Fed President Barkin said they needed to gain confidence that inflation was moving lower before cutting interest rates. 

The dollar on Monday initially moved lower on some negative carryover from last Friday’s weaker-than-expected US payroll and ISM services reports, which bolstered expectations that the Fed will cut interest rates this year.  Monday’s rally in stocks has also reduced liquidity demand for the dollar.

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