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Barchart

Rich Asplund

REVEALED: Dollar supported by a hawkish fed - The Real Truth

De Cos BOJ US Federal Reserve Collins ECB Ueda Inflation

The dollar index (DXY00) on Friday rose by +0.19%. The dollar Friday rallied to a new 6-1/2 month high on carryover support from Wednesday when the FOMC signaled one more +25 bp rate hike this year and projected that the fed funds rate next year would be +50 bp higher than its June forecast.

Hawkish comments Friday from several policymakers gave the dollar a boost. Also, Friday’s better-than-expected U.S. manufacturing PMI news was bullish for the dollar. The dollar was undercut Friday by stock market gains, which reduced liquidity demand for the dollar.

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