Forex Today: US Dollar remains weak ahead of US CPI – by MSalordFX DollarIndex Currencies Majors Inflation
key event of the day, however, will be the release of the June US CPI, which is likely to trigger volatility across financial markets.The US Dollar weakened on Tuesday ahead of key US data and amid. On Wall Street, the Dow Jones gained 0.93% and the Nasdaq rose 0.55%. Gold rose to $1,940, while Silver finished flat around $23.10. Crude oil prices rose more than 2%.
The improvement in risk sentiment weighed on the US Dollar. The DXY dropped for the fourth consecutive day and closed at 101.65, the lowest in two months. Price action remained limited as market participants awaited the release of crucial US data. The release of the US Consumer Price Index for June will be the critical event. The index is expected to show a 0.3% monthly increase and a decline in the annual rate from 4% to 3.1%; and the core annual rate from 5.3% to 5%. The data will likely trigger volatility across financial markets and will be critical for Federal Reserve expectations for the July 25-26 FOMC meeting.pair hit a fresh high at 1.
remained in range, moving below 0.6700 and supported by 0.6600. On Wednesday, Reserve Bank of Australia Governor Lowe will deliver a speech following the decision of the central bank to keep rates unchanged last week.resumed its decline and fell below 1.3250, under the 20-day Simple Moving Average . The Bank of Canada is expected to announce its
, and a 25 basis point hike to 5% is expected. The BoC will likely keep its forward guidance open-ended.found resistance again at the 0.6220 area and pulled back, below 0.6200. The Reserve Bank of New Zealand will announce its decision on Wednesday. The central bank is expected to keep rates unchanged for the first time in more than a year.
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