Forex Today: US Dollar falls after soft CPI, Oil and Gold rally
Here is what you need to know for Wednesday, July 15:
The US Dollar Index (DXY) fell around 0.4% to 100.90 on Tuesday after softer-than-expected United States (US) inflation data weakened demand for the Greenback. The headline Consumer Price Index (CPI) declined 0.4% MoM in June and slowed to 3.5% YoY, while Core CPI remained unchanged monthly and eased to 2.6% annually.
Chicago Fed President Austan Goolsbee described the inflation report as “surprisingly benign” and said the services component was encouraging. However, he cautioned against overreacting to a single month and noted that several similar readings would be needed for him to feel more comfortable about inflation.
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 | -0.36% | -0.31% | -0.19% | -0.65% | -0.80% | -1.03% | -0.67% | |
| EUR | 0.36% | 0.05% | 0.19% | -0.27% | -0.44% | -0.66% | -0.31% | |
| GBP | 0.31% | -0.05% | 0.15% | -0.32% | -0.48% | -0.71% | -0.36% | |
| JPY | 0.19% | -0.19% | -0.15% | -0.47% | -0.64% | -0.86% | -0.52% | |
| CAD | 0.65% | 0.27% | 0.32% | 0.47% | -0.17% | -0.38% | -0.03% | |
| AUD | 0.80% | 0.44% | 0.48% | 0.64% | 0.17% | -0.23% | 0.14% | |
| NZD | 1.03% | 0.66% | 0.71% | 0.86% | 0.38% | 0.23% | 0.35% | |
| CHF | 0.67% | 0.31% | 0.36% | 0.52% | 0.03% | -0.14% | -0.35% |
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 rises around 0.4% toward 1.1420, benefiting primarily from broad US Dollar weakness. On Wednesday, traders will monitor Eurozone Industrial Production for fresh signs regarding the health of the region’s manufacturing sector.
GBP/USD advances around 0.3% toward 1.3390 as softer US inflation figures outweigh concerns about elevated energy prices and their potential impact on the United Kingdom’s inflation outlook.
USD/JPY falls around 0.2% toward 162.20 as the weaker Greenback allows the Japanese Yen to recover modestly. However, the pair remains close to multi-decade highs, keeping possible intervention by Japanese authorities in focus.
AUD/USD gains around 1.0% toward 0.6970 as the Australian Dollar benefits from US Dollar selling and higher commodity prices. China’s second-quarter Gross Domestic Product, Retail Sales and Industrial Production figures will be released on Wednesday and could provide fresh direction for the Aussie.
West Texas Intermediate (WTI) Oil rises around 2.1% toward $79.60 amid renewed geopolitical concerns after US President Donald Trump announced a another blockade on vessels traveling to and from Iranian ports.
Gold climbs around 1.3% toward $4,053, supported by the weaker US Dollar, softer inflation data, and continued uncertainty surrounding Iran and global energy supplies.
Wednesday’s US calendar will feature the Producer Price Index (PPI), the Empire State Manufacturing Index, Fed Chair Kevin Warsh’s second day of congressional testimony and the Federal Reserve’s (Fed) Beige Book.