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Rich Asplund

MYSTERIOUS: Dollar slips and gold gains as fed rate cut expectations increase - You Need To See This

Waller US Federal Reserve Gold BOJ

The dollar index (DXY00) today is down by -0.12% as it gives back some of Monday’s gains.  Monday’s dovish comments from Fed Governor Waller that he supports a rate cut at the December 17-18 FOMC meeting boosted the chances for a Fed rate cut to 73% from 55% Monday, undercutting the dollar.  Also, strength in the yen is undercutting the dollar as a jump in the 10-year JGB bond yield today to a 1-week high boosted the yen.   The dollar recovered from its worst levels after the US Oct JOLTS job openings rose more than expected, a sign of strength in the labor market that is hawkish for Fed policy.

US Oct JOLTS job openings rose +372,000 to 7.744 million, showing a stronger labor market than expectations of 7.519 million.

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