Home Daily Commentaries DXY rises slightly amid Fed member speeches

DXY rises slightly amid Fed member speeches

Weston Blystone
Written by
Weston Blystone

Weston Blystone

OFXpert

At OFX, Weston collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively.

| Tuesday 21 May, 2024

Daily Currency Update

The US Dollar Index (DXY) was up this morning around 0.03% to trade near 104.60. Several Federal Open Market Committee Members are set to speak later today regarding the economy at the Financial Markets Conference. This conference is hosted by the Federal Reserve Bank of Atlanta. These speeches could provide subtle clues regarding the future of monetary policy from the Fed.

Key Movers

In Eurozone news, the European Trade Balance data was released, which shows the difference between imported and exported goods. The data came in lower than expected at 17.3 billion versus the expected 19.9 billion.

Bank of England (BoE) Governor Andrew Bailey is set to speak later today at the London School of Economics. Ahead of the speech, the GBP was slightly up versus the USD, CAD, and EUR.

The CAD was down so far today against the EUR, GBP, USD, and AUD. This dip followed the release of low Consumer Price Index (CPI) data. Monthly CPI came in, as expected, at 0.5%. The Median CPI year-over-year came in lower than expected at 2.6% versus the expected 2.7%. Common yearly CPI, which showed data on similar price variations on items over time, came in lower than expected at 2.6% versus the expected 2.8%. All CPI data points came in lower than the previous month’s data.

Expected Ranges

  • EUR/USD: 1.0842 - 1.0874 ▼
  • GBP/USD: 1.2686 - 1.2723 ▲
  • AUD/USD: 0.6646 - 0.6679 ▲
  • USD/CAD: 1.3614 - 1.3675 ▲

Written by

Weston Blystone

OFXpert

Weston is on a mission to help people make the most out of their foreign exchange transfers. As Corporate Client Associate at OFX, he collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively. Always eager to deepen his understanding and share his expertise with others, Weston finds great satisfaction in working with diverse individuals providing currency risk management strategies.