FX Today: US Dollar hits 17-month high, RBA minutes and Fed speaking, up next

Source Fxstreet


Buyers are stepping in and keeping the US Dollar (USD) bid due to safe-haven demand, as the resumption of hostilities in the Middle East and the exchange of strikes between Russia and Ukraine have pushed energy prices higher. This, along with hawkish comments by Cleveland Fed President Beth Hammack, ignited speculation about higher interest rates from the Federal Reserve.

Here is what you need to know on Tuesday, October 13:

The US Dollar Index (DXY) is trading at year-to-date (YTD) highs of 102.60, poised to extend its gains and challenge the next cycle high seen at 103.30, the April 10, 2025, daily high. Momentum remains bullish, with traders gathering clues about the US jobs market from the ADP Employment Change 4-week average, housing data, and a speech by Fed Governor Waller.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.39% 0.20% 0.22% 0.20% 0.37% 0.45% 0.55%
EUR -0.39% -0.21% -0.18% -0.17% -0.05% 0.11% 0.14%
GBP -0.20% 0.21% 0.04% 0.02% 0.16% 0.30% 0.35%
JPY -0.22% 0.18% -0.04% -0.05% 0.13% 0.27% 0.31%
CAD -0.20% 0.17% -0.02% 0.05% 0.17% 0.27% 0.35%
AUD -0.37% 0.05% -0.16% -0.13% -0.17% 0.16% 0.18%
NZD -0.45% -0.11% -0.30% -0.27% -0.27% -0.16% 0.03%
CHF -0.55% -0.14% -0.35% -0.31% -0.35% -0.18% -0.03%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

EUR/USD cleared the 1.1200 figure, tumbling to 17-month lows at 1.1154 amid a scarce economic docket. On Tuesday, market players eye the release of Germany’s Harmonized Index of Consumer Prices (HICP) and speeches by European Central Bank (ECB) members Elderson and Escriva.

GBP/USD drifts lower towards the 1.3200 level, but it seems to have bottomed around that level. Hawkish comments by Fed Hammack weighed on Sterling, but Tuesday’s BRC Like-For-Like Retail Sales for September and Bank of England member Megan Greene could provide tailwinds for the GBP.

USD/JPY consolidates near 158.50 on Monday amid an empty economic calendar, but overall US Dollar strength has lifted the pair, which remains contained amid fears of intervention by Japanese authorities. Japan’s economic docket is absent until October 14, with BoJ's Koeda speech.

AUD/USD struggles to surpass 0.7000, extending its losses towards 0.6960, with traders eyeing the release of the Reserve Bank of Australia (RBA) meeting minutes from its October 13 meeting, ahead of the NAB Business Confidence gauge.

Gold price (XAU/USD) continues to be rejected at $4,200, as sellers push the yellow metal towards $4,150 per troy ounce, though they seem to be losing momentum. A drop below the latter clears the path for bears, but traders will eye the release of US data on Tuesday, Fed speakers and September’s US CPI report on October 14.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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