USD continues its 4th straight day of decline
Daily Currency Update
The US dollar has continued its decline against other major currencies for the 4th straight day, this is following its latest inflationary report.US CPI dropped to 3% YoY in June from 4% in May. This figure was slightly below the market expectation of 3.1%. Meanwhile, core CPI inflation, excluding volatile food and energy costs, fell to 4.8% from 5.3%.
Traders are now betting on the end of the Fed's tightening cycle to come sooner than expected.
Key Movers
The euro touched a 15-month high against the US dollar today, after surging 1.1% overnight on bets of a more hawkish European Central Bank now that Fed is expected to be almost done with raising interest rates.Expected Ranges
- GBP/USD: 1.3005 - 1.3085 ▲
- GBP/EUR: 1.1645 - 1.1715 ▲
- EUR/USD: 1.1105 - 1.1195 ▲