The US dollar gets a boost from Fed official’s speeches

Daily Currency Update

USD - United States DollarThe US dollar index increases 0.17 percent this morning following news that the Trump administration would be allowed temporary exemptions to an export blacklist against Huawei Technologies. Indeed, the US stock market trades to the upside this morning with this more positive news. It seems like the US dollar is benefiting from this sort of midpoint between a full-on trade war scenario and a full-resolution of the trade dispute. The US dollar also got a boost following speeches by Fed officials. Yesterday in Atlanta, Fed chair Powell said that business debt is rising, but it does not pose a threat to the system. He added that problems could occur if the economy weakens, but banks are in a position to handle any unexpected issues. On Monday, Fed Vice Chair Richard Clarida also said that the US labor market may not be operating beyond "full employment" even with a 3.6 percent jobless rate, suggesting little concern about potential inflation.US existing home sales data for April published this morning came in at 5.19 million, representing a minor decline in April of 0.4 percent, while the estimate was at 5.35 million.