Forex News: U.S. Dollar Slips Amid Mixed U.S. Economic Data

U.S. Dollar Slips Amid Mixed U.S. Economic Data Releases

(RTTNews) - The U.S. Dollar value ticked lower as a spate of U.S. economic data along with inflation numbers mellowed expectations of a rate hike by the U.S. Federal Reserve. Investors also assessed a projectile hit on a cargo ship across the Strait of Hormuz against the ongoing U.S.-Iran peace talks.

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 101.43, down by 0.17 (or 0.17%) today.

While against the Euro, USD was trading at 1.137, down by 0.12%, against the GBP, it was trading at 1.320, down by 0.22%.

Against the USD, the Japanese Yen was trading at 161.793, down by 0.01%; the Swiss Franc was trading at 0.810, up by 0.23%; and the Canadian Dollar was trading at 1.420, up by 0.24%.

Against one unit of Australian Dollar, USD was trading at 0.691, down by 0.16%.

In the U.S., data released by the U.S. Bureau of Economic Analysis today revealed that on a month-on-month basis, the core Personal Consumption Expenditures index rose by 0.30% from May, in line with market expectations. On a year-on-year basis, it rose by 3.40% in May.

On a quarterly basis, the core PCE index increased by 4.40% in Q1 2026, up from 2.70% of the previous quarter.

On a month-on-month basis, the PCE index rose 0.40% in May lower than market forecasts of a 0.50% advance. On a year-on-year basis, it increased 4.10% in May, matching market expectations.

The U.S. economy expanded at an annualized 2.10% in Q1 2026, revised up from 1.60% in the second estimate, and above 0.50% in Q4 2025.

According to the data released by the U.S. Department of Labor, unemployment benefit claims eased by 12,000 to 215,000 for the third week of June, below market expectations.

The reopening of the Strait of Hormuz following the signing of Memorandum of Understanding between the U.S. and Iran, boosted the shipping traffic across the Persian Gulf.

Yesterday, U.S. President Donald Trump confirmed that Iran agreed to keep the strait open with no toll or any other fee collection for all ships passing through the strait.

Shipping traffic is yet to return to pre-war levels. Vessels are journeying with caution to avoid sea mines laid by Iran during the conflict. As per the MoU, Iran should clear the mines in around 30 days.

Today, the U.K. Maritime Trade Operations center announced that a Singapore-flagged container, Ever Lovely, traveling through a new U.N. backed route was struck by an unknown projectile on the starboard side. The attack came 7.5 nautical miles southeast of Dahit, in Oman's Musandam exclave.

Though no casualties or environmental damages were reported, the ship sustained damage to its bridge. Following this, UKMTO advised vessels to pass through this area with caution.

Iranian military had earlier threatened ships not to travel through the strait without its permission.

According to CME Group's FedWatch Tool, investors are betting on a 32.10% chance of a quarter-basis-point interest rate-hike in the upcoming Federal Reserve's meeting on July 28-29 while the bets on rates being held at the current level stand at 67.90%.

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