Today In Forex: The Us Dollar Sees Optimism
US Dollar Today Forcast
The US Dollar began the week on the back foot as the safe-haven currency was pulled down by optimism. On the one hand, market participants analyzed US macroeconomic data released last Friday, which indicated that the Federal Reserve might decrease the rate of tightening.
According to San Francisco Fed President Mary Daly, 50 basis points (bps) or 25 basis points (bps) are on the table at the next meeting. Raphael Bostic, president of the Atlanta Federal Reserve Bank, stated that interest rates should climb to 5% or 5.25%. Both promised further rises to keep inflation in check before eventually pausing and holding for a while.
On the other hand, China announced the reopening of the three-year-old sea and land crossings with Hong Kong. Asian equities gained significantly, leading the way higher for their international counterparts. It's worth noting that Wall Street gave up much of its intraday gains before the close.
Despite weak Eurozone statistics, the EUR/USD touched 1.0760, retaining gains. GBP/USD is trading at 1.2200, profiting from the US Dollar weakening.
Commodity-linked currencies climbed early in the day, after spending the previous two sessions stabilizing near their daily tops versus the dollar. The AUD/USD pair is trading at 0.6930, while the USD/CAD pair is down to 1.3370.
The Japanese yen strengthened against the US dollar, falling to 131.50. Gold maintains its advances and is currently trading at $1,875 per troy ounce. However, crude oil prices ended the day barely altered, with WTI trading at $74.70 per barrel.