Forex Today: Currencies maintain calm ahead of US CPI – by MSalordFX DollarIndex Currencies Majors Inflation
, and market participants are eagerly awaiting the data. Prior to the report, the US Dollar posted mixed results on Wednesday, maintaining relative strength overall.
US stocks experienced a decline, with the Nasdaq falling 1.17% and the Dow Jones losing 0.54%. Crude oil prices, on the other hand, rose to fresh multi-month highs, with the WTI barrel climbing 1.60% and breaking above $84.00.auction received decent demand. Its yield fell modestly to 4.01%, while the 2-year rebounded to 4.80%.
In a quiet session for currencies, the US Dollar Index experienced a marginal decline, consolidating around 102.50 as market participants await US inflation data.modestly rose to 1.0970 as the Euro outperformed following the Italian government's decision to water down its windfall tax on banks by implementing caps on payouts. The European Central Bank will release itsrose for the second consecutive day but remains below 0.88000. EUR/CHF rebounded from 0.9580 to 0.
The Bank of Canada surprisingly ended its interest rate pause at the beginning of June. It has since raised the key interest rate in two steps to 5%. Market expectations that it would raise rates further by the end of the year crumbled recently, which weighed on the CAD at the beginning of August, as did global factors. However, we maintain our outlook and see moderate CAD recovery potential in the medium term.
traded within Tuesday's range, remaining stagnant near 0.6540. The bias continues to favor the downside, influenced by cautious market sentiment and declining commodity prices. On Thursday, the Melbourne Institute is set to release the inflation expectations report.recorded its lowest daily close in two months around 0.6050 but managed to hold above the key support level of 0.6030.
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