The dollar hits its lowest level since the day after Trump's election victory

pulse

May 8, 2017 3:02 PM

The US dollar index is at the lowest level since mid-November.

The US dollar index fell to 98.50 in overnight trade. It has since reversed those losses and now trades up 0.3% at 98.97 as of 9:52 a.m. ET.

On Monday, we also got some commentary from two Fed officials.

St. Louis' James Bullard said given that safe asset demand remains strong while growth in labor force and labor productivity remains weak suggests there is no need to speed ahead when it comes to rate hikes.

Meanwhile, Cleveland's Loretta Mester said, "We have met the maximum employment part of our mandate and inflation is nearing our 2% goal. [...] Although we live in a high-frequency world, we cannot overreact to transitory movements in incoming data."

Notably, the Federal Open Market Committee also used the term "transitory" when referring to the recent batch of weaker economic data last week in the statement accompanying their monetary policy decision for May.

As for the rest of the world, here's the scoreboard as of 9:59 a.m. ET: