U.S. Dollar/Japanese Yen Futures Market News and Commentary
The dollar index (DXY00) on Friday rose by +0.416 (+0.40%). The dollar index Friday posted moderate gains as a slump in the S&P 500 to a 14-1/2 month low spurred liquidity demand for the dollar. Also, positive comments from St. Louis Fed President Bullard were positive for the dollar when he said, "we have a very good economy."
St. Louis Fed President Bullard said, "we have a very good economy," and that while U.S. economic growth may slow this year, it will still be above trend for 2022.
EUR/USD (^EURUSD) on Friday fell by -0.0035 (-0.33%). EUR/USD was under pressure Friday from a stronger dollar. Also, rising geopolitical risks in the Eurozone undercut the euro after Finland said Russia would cut natural gas supplies to the country on Saturday for refusing to pay for Russian gas in rubles. Finland is the third European country to be cut off from Russian natural gas. Record-high April producer prices in Germany are also negative for EUR/USD.
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