Scrap Bare Bright Copper Idx (CUPAUSY1.CM)

The dollar index (DXY00) today is down by -0.12%.  The dollar is under pressure today after the yen rallied on jawboning from Japanese government officials.  The dollar still has some negative carryover from Monday, amid concerns over Fed independence, after Fed Chair Powell said the Justice Department's threat of criminal charges against the Federal Reserve over his June testimony on Fed headquarters renovations is the consequence of the Fed not going along with President Trump's calls for lower interest rates.  The dollar fell to its low today when Philadelphia Fed President Anna Paulson said she sees Fed rate cuts later this year.

Losses in the dollar are limited after stronger-than-expected US economic data on retail sales, producer prices, and existing home sales.  Also, hawkish comments from Minneapolis Fed President Neel Kashkari were supportive for the dollar when he said he doesn't see the "impetus" for the Fed to cut interest rates this month.  Finally, weakness in s... Read more