The dollar index (DXY00) today is down by -0.05%. The dollar is under pressure as today’s rally in the S&P 500 to a new record high has reduced liquidity demand for the dollar. Also, strength in the euro today is undercutting the dollar on better-than-expected Eurozone economic reports. The dollar recovered more than half of its losses after the 10-year T-note yield rose to a 1-week high when weekly jobless claims fell more than expected and the May S&P manufacturing PMI unexpectedly increased, hawkish factors for Fed policy.
The US Apr Chicago Fed national activity index fell -0.19 to -0.23, weaker than expectations of +0.13.
