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19 Oct 2021
Dollar Weakens and Drifting Over Stormy Industrial Production Data
The Index Today
The dollar is down amid bad U.S. industrial production data cast fresh doubt on the strength of the U.S. economic recovery.
The dollar decreased for almost three weeks while U.S. Treasury yields also decreased, after the U.S. industrial production data showed that the U.S. industrial factories are increasingly struggling with the supply chain disruptions in last month.
The cheaper dollar motivated the buyers of commodities, which are also still prospering at a time of increased global demand supported by worldwide stimulus policies.
Analyst from investing.com says that the commodity currencies were the biggest gainers, with the oil-sensitive Russian ruble and the Australian and New Zealand dollars both hitting new highs, as traders moved to price in tightening by the central banks behind them.