Scrap Shredded Scrap Idx Futures Market News and Commentary
The dollar index (DXY00) on Friday rose by +0.02%. The dollar moved slightly higher on Friday, as hawkish Fed comments boosted T-note yields. Chicago Fed President Austan Goolsbee said that, given higher inflation, the more prudent course would have been for the Fed to wait for more information before cutting rates. Also, Kansas City Fed President Jeff Schmid and Cleveland Fed President Beth Hammack said they prefer to keep policy "modestly restrictive" because inflation remains too high and the economy continues to show momentum.  In addition, the weakness in stocks on Friday boosted some liquidity demand for the dollar.Â
Gains in the dollar were limited as the Fed boosted liquidity in the financial system and began purchasing $40 billion a month in T-bills effective Friday. Also, dovish comments from Philadelphia Fed President Anna Paulson were dollar bearish, as she said she's more concerned about the labor market than inflation.
The dollar has also been undercut... Read more