Forex Today: US Dollar firms on Hormuz jitters ahead of UK CPI and FOMC Minutes
Here is what you need to know on Wednesday, August 19:
The US Dollar Index (DXY) held a firm tone near the 99.60s on Tuesday, keeping a mild safe-haven bid as tensions around the Strait of Hormuz stayed front and center. Gold and Oil both sold off, and most major currencies drifted lower against the Greenback. Attention now turns to a busy Wednesday, led by United Kingdom (UK) inflation, a raft of Eurozone data and the Federal Open Market Committee (FOMC) Minutes.
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 New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.01% | 0.05% | 0.10% | 0.14% | 0.23% | 0.46% | 0.18% | |
| EUR | -0.01% | 0.04% | 0.09% | 0.12% | 0.23% | 0.43% | 0.18% | |
| GBP | -0.05% | -0.04% | 0.04% | 0.09% | 0.21% | 0.41% | 0.12% | |
| JPY | -0.10% | -0.09% | -0.04% | 0.05% | 0.14% | 0.36% | 0.08% | |
| CAD | -0.14% | -0.12% | -0.09% | -0.05% | 0.09% | 0.32% | 0.03% | |
| AUD | -0.23% | -0.23% | -0.21% | -0.14% | -0.09% | 0.21% | -0.04% | |
| NZD | -0.46% | -0.43% | -0.41% | -0.36% | -0.32% | -0.21% | -0.28% | |
| CHF | -0.18% | -0.18% | -0.12% | -0.08% | -0.03% | 0.04% | 0.28% |
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).
Iran's top negotiator repeated that the Strait of Hormuz will stay closed until Washington meets the conditions of the now-expired interim deal, while US President Donald Trump insisted in a social media post that the waterway is open and operating and that no talks with Tehran are scheduled. A vessel was reportedly struck by an unknown projectile in the Strait earlier in the day, keeping a geopolitical premium under the currency.
EUR/USD traded on the soft side, holding a narrow range around the 1.1580 zone as the US Dollar kept the upper hand. The pair now looks to a busy European morning come Wednesday, with Eurozone final Harmonized Index of Consumer Prices (HICP) figures for July and a scheduled speech from European Central Bank (ECB) President Christine Lagarde.
GBP/USD edged lower, treading water around the mid-1.3500s ahead of the session's marquee release. The UK Consumer Price Index (CPI) for July lands early Wednesday, with the headline annual rate expected to tick higher. A hot print would revive bets on Bank of England (BoE) rate hikes and could give the Pound a lift, while a soft one would leave Sterling exposed.
USD/JPY firmed with the Dollar's safe-haven bid favoring the Greenback over the Japanese Yen and nudging the pair toward the 159.60 zone, within reach of the 160.00 handle. Japan's July trade figures are due late in the day.
AUD/USD was among the weaker majors, sliding toward the 0.7080 zone as the risk-off tilt and a firm Dollar took their toll. The Aussie faces a packed Asia-Pacific session on Wednesday, headlined by Australian employment data, alongside Consumer Inflation Expectations and the People's Bank of China (PBoC) rate decision.
Gold retreated sharply, pulling back over 1% toward the $4,350 zone despite the risk backdrop as a firmer Dollar and profit-taking weighed on the metal.
West Texas Intermediate (WTI) Crude Oil remained on the front foot but eased off the early session highs toward the $84.00 area as traders weighed conflicting signals over whether the waterway is actually passable.
Later in the North American session, the Federal Reserve (Fed) releases the Minutes of its latest policy meeting, which traders will comb for any fresh steer on the rate path.
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