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Dollar Index: Weekly Analysis & Intraday Forecast

The dollar index DXY on Friday rose by +0.07% and posted a 1-week high. Strength in T-note yields Friday supported the dollar on Friday’s hawkish US Feb import price index ex-petroleum and Feb manufacturing production reports, causing market participants to slightly dial back expectations for a Fed rate cut within the next few months. Also, the weakness in stocks Friday boosted some liquidity demand for the dollar. 

Gains in the dollar were limited after the US Mar Empire manufacturing survey of general business conditions index fell more than expected, and the University of Michigan US Mar consumer sentiment index unexpectedly declined. The US Feb import price index ex-petroleum unexpectedly rose +0.2% m/m, stronger than expectations of -0.2% m/m. The US Mar Empire manufacturing survey of general business conditions index fell -18.5 to -20.9, weaker than expectations of -7.0. US Feb manufacturing production rose +0.8% m/m, stronger than expectations of +0.3% m/m and the biggest increase in 10 months. The University of Michigan US Mar consumer sentiment index unexpectedly fell -0.4 to 76.5, weaker than expectations of an increase to 79.7.

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