The dollar index (DXY00) today is up by +0.38%. The dollar is moving higher today as the ongoing war with Iran drags on, boosting safe-haven demand for the dollar. Also, today's +3% jump in crude oil prices may stoke inflation and prompt the Fed to tighten monetary policy, a supportive factor for the dollar. The dollar added to its gains after the Mar S&P manufacturing PMI unexpectedly increased.
US Q4 nonfarm productivity was left unrevised at +1.8%, but Q4 unit labor costs were revised upward to +4.4% from +2.8%, stronger than expectations of +3.6%.
