Fed Can’t Keep the Dollar Down

The U.S. dollar traded higher against all of the major currencies on Thursday, erasing most of its post FOMC losses. The Federal Reserve has no plans to raise interest rates until 2023 but the recovery in the dollar and rise in Treasury yields tell us that investors continue to be drawn to the economy’s positive outlook. Today’s strong rise in the Philadelphia Fed index reinforces the central bank’s upgraded economic projections. The Philly Fed measure jumped from 23.3 to 51.8, its best reading in 48 years. Month after month, we’ve seen manufacturing drive the recovery and it wont be long before services … (full story)

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