Forex Today: US CPI in focus as US Dollar holds steady amid Middle East war escalation
Here is what you need to know for Wednesday, June 10:
The US Dollar Index (DXY) trades with a cautious tone near the 99.90 region on Tuesday as investors position ahead of Wednesday's highly anticipated United States (US) Consumer Price Index (CPI) report, with inflation expected to tick higher in May.
The DXY trimmed its earlier losses after US President Donald Trump claimed that Iran had shot down a US Apache helicopter over the Strait of Hormuz, and vowed that the US "must respond to this attack."
Trump's remarks boosted the US Dollar and weakened Oil and Gold, with the latter falling below $4,250 amid increasing concerns about a potential escalation in the Middle East.
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 | -0.05% | -0.30% | 0.13% | -0.00% | 0.29% | -0.08% | 0.09% | |
| EUR | 0.05% | -0.23% | 0.20% | 0.05% | 0.39% | 0.00% | 0.17% | |
| GBP | 0.30% | 0.23% | 0.45% | 0.30% | 0.59% | 0.24% | 0.40% | |
| JPY | -0.13% | -0.20% | -0.45% | -0.13% | 0.16% | -0.20% | -0.04% | |
| CAD | 0.00% | -0.05% | -0.30% | 0.13% | 0.30% | -0.05% | 0.10% | |
| AUD | -0.29% | -0.39% | -0.59% | -0.16% | -0.30% | -0.35% | -0.20% | |
| NZD | 0.08% | -0.00% | -0.24% | 0.20% | 0.05% | 0.35% | 0.15% | |
| CHF | -0.09% | -0.17% | -0.40% | 0.04% | -0.10% | 0.20% | -0.15% |
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 trades higher near the 1.1550 area despite the US Dollar (USD) trimming most of its earlier losses. Traders remain focused on the upcoming US CPI report. On Thursday, the European Central Bank (ECB) is expected to raise interest rates to help bring inflation down to target levels.
GBP/USD advances toward the 1.3390 region as the softer Greenback boosts demand for Sterling.
USD/JPY trades near 160.30, close to intervention levels, up 0.15% in the day.
AUD/USD fell towards the 0.7030 following the release of weak Australia's Westpac Consumer Confidence data.
West Texas Intermediate (WTI) crude Oil falls near the $87.90 per barrel as traders assess the risk of further disruptions in the Middle East.
Gold (XAU/USD) falls near the $4,260 level even as falling US Treasury yields and a softer Greenback should increase demand for the non-yielding metal.
What’s next in the docket:
Wednesday, June 10:
- Japan PPI
- US CPI
- US Federal Budget Balance
Thursday, June 11:
- UK Monthly GDP
- UK Industrial Production
- UK Manufacturing Production
- US PPI
- US Core PPI
- US Initial Jobless Claims
Friday, June 12:
- United States Michigan Consumer Sentiment
- United States Michigan Inflation Expectations
- China's New Loans
- China M2 Money Supply
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