FOREX TradingCharts.com

Forex News: U.S. Dollar Lower As Inflation Data In Focus

U.S. Dollar Lower As Inflation Data In Focus

06/09/2021 - 04:20:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in the Asian session on Wednesday, as investors focus on U.S. inflation data for clues about the tapering of the asset purchase program by the Federal Reserve.

The U.S. CPI is forecast to rise 0.4 percent on month in May, taking annual rate to 4.7 percent.

Core CPI is seen at 0.4 percent on a monthly basis and 3.4 percent year-on-year.

The data will help gauge the timing of Fed tapering and the prospect of interest rate hikes.

U.S. bond yields fell, with the benchmark 10-year treasury yield falling to 1.52 percent.

Investors shrugged off data showing a surge in China factory prices in May.

The European Central Bank's monetary policy decision is due on Thursday, with investors expecting it to keep key rates and stimulus measures unchanged.

The ECB is likely to avoid any mention of tapering its purchases under PEPP as policy makers want to see a sustained recovery from the pandemic.

The greenback pulled back from its early highs of 1.2171 against the euro and 109.51 against the yen, falling to 1.2187 and 109.33, respectively. The greenback is seen locating support around 1.24 against the euro and 106.00 against the yen.

After rising to 1.4142 against the pound and 0.8970 against the franc earlier in the session, the greenback edged down to 1.4183 and 0.8958, respectively. If the greenback slides further, 1.45 and 0.88 are likely seen as its next support levels against the pound and the franc, respectively.

The greenback weakened to 1.2095 against the loonie, 0.7209 against the kiwi and 0.7753 against the aussie, down from its prior highs of 1.2117, 0.7189 and 0.7733, respectively. The next possible support for the greenback is seen around 1.18 against the loonie, 0.74 against the kiwi and 0.80 against the aussie.

Looking ahead, at 10:00 am ET, the Bank of Canada announces decision on interest rates. Economists forecast the benchmark rate to hold at 0.25 percent.

U.S. wholesale inventories for April are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Loonie Little Changed Following Canada New Housing Price Index (15 hr(s), 01 min(s), 27 sec(s) ago)
(RTTNews) - Canada new housing price index for May has been released at 8.30 am ET Friday. The loo ...Full Story»

Loonie Mixed Ahead Of Canada New Housing Price Index (15 hr(s), 10 min(s), 27 sec(s) ago)
(RTTNews) - Canada new housing price index for May is due at 8.30 am ET Friday. Ahead of the data, ...Full Story»

Japanese Yen Appreciates On Continued Fed Tightening Concerns (16 hr(s), 19 min(s), 27 sec(s) ago)
(RTTNews) - The Japanese yen drifted higher against its major rivals during the European session o ...Full Story»

Pound Declines Amid Dismal U.K. Retail Sales Data (19 hr(s), 34 min(s), 26 sec(s) ago)
(RTTNews) - The pound depreciated against its major counterparts in early European deals on Friday ...Full Story»

Australian Dollar Falls In Cautious Trade (20 hr(s), 37 min(s), 26 sec(s) ago)
(RTTNews) - The Australian dollar fell against its most major opponents in the Asian session on Fr ...Full Story»

Pound Mixed After U.K. Retail Sales (21 hr(s), 31 min(s), 27 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics has released UK retail sales ...Full Story»

Euro Little Changed Following German PPI (21 hr(s), 31 min(s), 27 sec(s) ago)
(RTTNews) - Germany's producer price data has been released at 2.00 am ET Friday. The euro cha ...Full Story»

Euro Mixed Ahead Of German PPI (21 hr(s), 37 min(s), 27 sec(s) ago)
(RTTNews) - Germany's producer price data is due at 2.00 am ET Friday. Economists expect produ ...Full Story»

Search

FOREX NEWS

Loonie Little Changed Following Canada New Housing Price Index

06/18/2021 - 08:36 AM (RTTNews)
(RTTNews) - Canada new housing price index for May has been released at 8.30 am ET Friday. The loo ...Full Story>>

Loonie Mixed Ahead Of Canada New Housing Price Index

06/18/2021 - 08:28 AM (RTTNews)
(RTTNews) - Canada new housing price index for May is due at 8.30 am ET Friday. Ahead of the data, ...Full Story>>

Japanese Yen Appreciates On Continued Fed Tightening Concerns

06/18/2021 - 07:20 AM (RTTNews)
(RTTNews) - The Japanese yen drifted higher against its major rivals during the European session o ...Full Story>>

Pound Declines Amid Dismal U.K. Retail Sales Data

06/18/2021 - 04:04 AM (RTTNews)
(RTTNews) - The pound depreciated against its major counterparts in early European deals on Friday ...Full Story>>

Australian Dollar Falls In Cautious Trade

06/18/2021 - 03:02 AM (RTTNews)
(RTTNews) - The Australian dollar fell against its most major opponents in the Asian session on Fr ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.