The dollar index (DXY) rose by 0.10% on August 15, 2023, driven by increased demand for dollar liquidity amidst weak stock performance and a rise in WTI crude oil prices to a three-week high, which heightened inflation expectations. The 10-year Treasury note yield also climbed to a 1.5-year high of 4.75%, further bolstering the dollar’s attractiveness.
In U.S. economic data, the July import price index excluding petroleum increased by 0.3%, surpassing expectations of 0.1%. Conversely, July housing starts fell 12.4% month-over-month to 1.239 million, below the expected 1.345 million, while building permits rose by 5.0% to 1.443 million, surpassing forecasts of 1.375 million.
Across the Atlantic, the euro (EUR/USD) fell 0.04% as crude oil prices weighed on the Eurozone economy, although German August ZEW economic growth expectations rose to a six-month high of 34.2, beating expectations of 30.0. Meanwhile, the yen (USD/JPY) decreased by 0.09%, reaching a two-week low while supported by rising Japanese bond yields and speculation of a potential BOJ rate hike.
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