USD DXY went up today after positive data was released
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Daily Currency Update
Recent data releases contributed to a rise in demand for the US dollar. The Employment Cost Index exceeded expectations, showing a 1.2% change compared to the anticipated 1%. Similarly, the S&P/CS Composite-20 HPI revealed a higher-than-expected increase in single-family home selling prices, reaching 7.3% instead of the forecasted 6.7%. However, the Conference Board Consumer Confidence fell short of expectations, registering at 97 rather than the anticipated 104.Key Movers
German Preliminary GDP q/q data exceeded expectations, showing a growth of 0.2% compared to the anticipated 0.1%. However, this positive indicator is countered by higher-than-expected German Unemployment Change, with 10,000 more individuals unemployed than the forecasted 7,000.In the UK, GBP M4 Money Supply m/m data revealed a higher-than-expected increase of 0.7% in the total amount of domestic currency in circulation and deposited in banks, surpassing the forecasted 0.4%. Conversely, GBP Mortgage Approvals data met expectations at 61,000.
As of the latest update, the GBP was exhibiting mixed performance against currencies. While it is up against the Canadian Dollar (CAD), it has weakened against the USD and the Euro (EUR). These diverse movements underscore the complex dynamics shaping the USD's performance in the current forex landscape, influenced by a range of economic indicators and currency pair movements.
Expected Ranges
- EUR/USD: 1.0689 - 1.0735 ▼
- GBP/USD: 1.2502 - 1.2563 ▼
- AUD/USD: 0.6489 - 0.6567 ▼
- USD/CAD: 1.3656 - 1.3754 ▲