DXY rises against most major currencies
Daily Currency Update
The US Dollar Index (DXY) was up around 0.86% this morning to trade near the 103.26 level. The USD was up versus the EUR, GBP, AUD, and CAD this morning with expectations of a European Central Bank (ECB) interest rate cut and possible rate cuts for Australia increasing the USD’s stance over other major currencies. The Empire State Manufacturing Index, which surveyed about 200 manufacturers in New York state and asked them to rate the relative level of business conditions, was lower than expected and previous. While this is usually bad for the USD, the anticipated rate cuts in other regions continue to lift the greenback.Key Movers
Ahead of the expected rate cuts from the ECB, the German Final Consumer Price Index (CPI) monthly data was released at the same level as expected, 0.1%. The EUR/USD pair sat at 1.0883 this morning.In UK news, the unemployment rate data came in as expected at 4.2% while the Claimant Count Change data, which shows jobless claims in the region, was lower than expected at 11,700 versus the expected 18,100. Both the GBP and EUR are down against the USD, but the GBP is up slightly against the EUR after these positive employment numbers.
The CAD found strong footing this morning, coming out on top against the EUR, GBP, and AUD. However, the Loonie was still down versus the strong USD this morning. CPI data was released showing better-than-expected yearly results. This robust CPI data has caused some to believe that rate increases are not over or that it may at least cause a halt in rate decreases. Oil was down slightly today at 72.05, a 0.87% decrease at the time of writing.
Expected Ranges
- EUR/USD: 1.0871 - 1.0954 ▼
- GBP/USD: 1.2622 - 1.2729 ▼
- AUD/USD: 0.6592 - 0.6664 ▼
- USD/CAD: 1.3419 - 1.3500 ▲