Forex Today: US Dollar surges to 13-month high as traders assess Global flash PMIs
Here is what you need to know for Wednesday, June 24:
The US Dollar Index (DXY) surged to a one-year high near 101.40 on Tuesday as investors digested the latest S&P Global US Purchasing Managers Index (PMI), which showed business activity remained resilient. The Manufacturing PMI rose to 55.7 in June, its highest level since May 2022.
The ADP Employment Change 4-Week Average improved to 30.75K, supporting the view that the US labor market remains firm enough to keep the Federal Reserve (Fed) cautious.
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 Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.42% | 0.41% | -0.03% | 0.37% | 1.26% | 0.80% | 0.15% | |
| EUR | -0.42% | -0.02% | -0.48% | -0.07% | 0.80% | 0.36% | -0.28% | |
| GBP | -0.41% | 0.02% | -0.43% | -0.03% | 0.84% | 0.38% | -0.25% | |
| JPY | 0.03% | 0.48% | 0.43% | 0.39% | 1.28% | 0.83% | 0.16% | |
| CAD | -0.37% | 0.07% | 0.03% | -0.39% | 0.89% | 0.44% | -0.22% | |
| AUD | -1.26% | -0.80% | -0.84% | -1.28% | -0.89% | -0.43% | -1.08% | |
| NZD | -0.80% | -0.36% | -0.38% | -0.83% | -0.44% | 0.43% | -0.66% | |
| CHF | -0.15% | 0.28% | 0.25% | -0.16% | 0.22% | 1.08% | 0.66% |
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 fell 0.4% on the day to 1.1380 amid soft Eurozone data. The Eurozone Composite PMI improved to 49.5 in June from 48.5, but stayed below the 50.0 threshold, showing that private-sector activity continued to contract. Germany also remained a weak spot, with its Composite PMI falling to 48.0, the lowest level in 18 months, as services activity deteriorated.
GBP/USD remained under pressure near 1.3200 after the UK PMI figures showed renewed weakness in the services sector. The United Kingdom (UK) Services PMI fell to 48.7 from 49.3, marking the sharpest contraction since January 2023, while the Composite PMI dropped to 49.4. The data reinforced concerns over weak UK growth and came after Bank of England (BoE) policymaker Taylor said that an extended hold in rates remains the correct policy response.
USD/JPY trades muted near 161.50 in a neutral zone as investors assessed US PMIs, ADP data, and the Bank of Japan (BoJ) policy outlook. Strong US activity data offered some support to the Greenback, but weaker employment details inside the PMI report limited upside momentum. The Yen also remained sensitive to intervention risks as the pair continues to trade near historically elevated levels.
AUD/USD fell sharply to a two-month low near the 0.6910 level as investors await Australia’s May Consumer Price Index (CPI) release, due on Wednesday. The previous April report showed annual inflation slowing to 4.2% from 4.6%, while Trimmed-mean Inflation edged higher to 3.4% YoY, keeping attention on sticky underlying price pressures.
West Texas Intermediate (WTI) Oil trades near $73.30 per barrel as markets monitor increased flows through the Strait of Hormuz following progress in US-Iran talks. Oil prices remained under pressure after the US granted Iran a 60-day Oil sanctions waiver, easing fears of a prolonged disruption, although shipping risks and uncertainty in the region kept traders cautious.
Gold fell near $4,120 as a resilient US Dollar limited bullion upside. Easing US-Iran tensions reduced part of the geopolitical bid for the metal, while stronger US data and expectations that the Fed may keep policy restrictive limited upside momentum.
What’s next in the docket:
Wednesday, June 24:
- Australian CPI
- BoJ Summary of Opinions
- BoC Summary of Deliberations
Thursday, June 25:
- US PCE
- US GDP
- Jobless Claims
- Australian Jobs
Friday, June 26:
- Tokyo CPI
- Final University of Michigan Consumer Sentiment.
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