Forex News: U.S. Dollar Ticks Higher Amid Expectations On Reopening

U.S. Dollar Ticks Higher Amid Expectations On Reopening Of Strait Of Hormuz

(RTTNews) - The U.S. Dollar value inched higher as investors received the announcements on U.S.-Iran peace deal by U.S. President Donald Trump with cautious optimism as Iran is yet to endorse Trump's message. In addition, traders assessed the increases in latest U.S. consumer price and purchase price numbers.

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 99.79, down by 0.06 (or 0.06%) today.

Against the Euro, USD was trading at 1.157, up by 0.10%.

Against the GBP, it was trading at 1.340, up by 0.10%. According to the Office for National Statistics, the Gross Domestic Product in the U.K. contracted by 0.10% month-on-month in April, matching expectations and following a 0.30% expansion in March, and year-on-year it expanded 1.20% for the same month.

Against the USD, the Japanese Yen was trading at 160.229, down by 0.23%. According to the Ministry of Economy Trade and Industry, the capacity utilization index in Japan that expresses the state of operations for various facilities in the manufacturing industry, dropped 0.80% month-on-month in April, following a 1.20% fall of the previous month.

Against the USD, the Swiss Franc was trading at 0.797, down by 0.27%; and the Canadian Dollar was trading at 1.399, down by 0.16%.

Against one unit of Australian Dollar, USD was trading at 0.704, up by 0.04%.

The U.S.-Israel versus Iran war entered day number 105 today.

Yesterday, through his social media platform Truth Social U.S. President Donald Trump messaged that discussions between the U.S. and Iran has ended. He added that the final decision has been approved by top Iranian leadership as well as Iran's neighboring countries and intermediaries facilitating communications between the U.S. and Iran.

Due to this, Trump halted a previously contemplated large-scale bombardment on Iran along with plans to take over Iran's Kharg Island.

While speaking to reporters, Trump refused to give a deadline but stated that the deal may be signed over this weekend and affirmed that after the signing, the Strait of Hormuz will be reopened.

In response, Iran did not refute the whole part of Trump's message but stated that nothing has been finalized as yet.

In the U.S., Elon Musk's SpaceX begins trading after its biggest Initial Public Offering which turned into a blockbuster with the company currently valued at around $2.2 trillion, making it the sixth most-valuable company of Wall Street.

Yesterday, the U.S. Labor Department revealed that on an year-on-year basis, the producer prices climbed to 6.50% in May, driven by the effect of increasing energy costs.

On Wednesday, data showed that month-on-month core consumer prices (excluding food and energy) rose by 0.20% from the previous month in May and year-on-year, it climbed to 2.90%.

Taken together, the numbers have reduced the expectations of a rate cut by the U.S. Federal Reserve.

According to the CME Group's FedWatch Tool, investors are betting at a 98.60% chance that the U.S. Federal Reserve will hold the interest rates at the current level in its upcoming meeting on June 16-17.

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