Forex Today: US Dollar sags to two-month lows as Middle East risk lifts Oil and Gold
Here is what you need to know on Tuesday, August 18:
The US Dollar Index (DXY) starts the week on the back foot, with the US Dollar Index (DXY) slipping toward two-month lows and holding below the 100.00 mark. August's run of underwhelming US data jobs, inflation and retail sales has steadily trimmed bets on a Federal Reserve (Fed) move next month.
On another note, a senior Iranian official said Tehran is shifting to a "fully offensive" stance and warned of escalation in the Strait of Hormuz if diplomacy fails, sending Crude more than 2% higher and keeping a firm bid under Gold as the new week gets underway.
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 Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.08% | -0.05% | 0.10% | 0.00% | -0.29% | -0.20% | -0.30% | |
| EUR | 0.08% | 0.00% | 0.17% | 0.08% | -0.21% | -0.13% | -0.22% | |
| GBP | 0.05% | -0.00% | 0.15% | 0.06% | -0.17% | -0.14% | -0.22% | |
| JPY | -0.10% | -0.17% | -0.15% | -0.09% | -0.39% | -0.29% | -0.37% | |
| CAD | -0.00% | -0.08% | -0.06% | 0.09% | -0.29% | -0.20% | -0.29% | |
| AUD | 0.29% | 0.21% | 0.17% | 0.39% | 0.29% | 0.08% | -0.05% | |
| NZD | 0.20% | 0.13% | 0.14% | 0.29% | 0.20% | -0.08% | -0.10% | |
| CHF | 0.30% | 0.22% | 0.22% | 0.37% | 0.29% | 0.05% | 0.10% |
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 holds onto gains near the 1.1580 mark after retreating from two-month highs near1.1614 as the softer Greenback underpins the pair.
GBP/USD clings to gains in the mid-1.3500s, holding close to three-month highs ahead of Tuesday's UK jobs report.
USD/JPY treads water in the 159.00 region after a soft Japanese second-quarter Gross Domestic Product (GDP) print that markets looked past.
AUD/USD trades firm in the low-0.7100s, leading the majors despite weekend data showing Chinese Industrial Production and Retail Sales both slowing.
Gold has extended its rally back above the $4,400 mark, helped by the weaker Dollar and rising Middle East tensions.
West Texas Intermediate (WTI) Oil jumps toward the $84.00 per barrel area as fresh Iranian escalation threats lift the geopolitical risk premium.
The Asian session opens on Tuesday with Australia's Westpac Consumer Confidence, before the European session brings the main event, the UK labor market report. The Bank of England (BoE) watches Average Earnings most closely, with the ILO Unemployment Rate expected to edge down. ZEW sentiment surveys from Germany and the Eurozone follow, alongside a scheduled speech from the European Central Bank's (ECB) Philip Lane.
The US session then takes over with Building Permits, Housing Starts, Industrial Production and Pending Home Sales, offering a fresh read on the world's largest economy. New Zealand's second-quarter Producer Price Index (PPI) closes out the session late in the day.
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