Currency chart
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USD/EUR currency chart: 1.00 USD = 0.9159 EUR
USD stalling as inflation drops
Daily Currency Update
The US Dollar Index (DXY) stalled its rise from earlier this week as inflation reported for June dropped from the previous month. The Personal Consumption Expenditure (PCE) index for June, which measures changes in consumer spending on goods and services, showed prices were up 2.5% from the previous year. This was down from the 2.6% the previous month. This has driven the case for a rate cut in September up to a new high of 88%. As a result, equities that had been down over the last couple of sessions headed up, taking strength out of USD treasuries.Key Movers
The euro and GBP both made gains against the USD to end the week as US inflation increased the chance of a Federal Reserve rate cut in September and Consumer Confidence in Europe increased. A release this morning showed that confidence in France is up from 90 to 91 on the index. With France being the second biggest economy in the EU, this points to positive economic movement across the board.The Canadian dollar was up slightly as equities increased and took the wind out of the USD. The Loonie has no major data releases today, so it is likely to move in line with broader market forces. Oil traded down so far today after making gains yesterday with the West Texas Intermediate (WTI) oil price dropping back near the $78 a barrel range.
Expected Ranges
- EUR/USD: 1.0835 – 1.0949 ▲
- GBP/USD: 1.2850 – 1.2947 ▲
- AUD/USD: 0.6535 – 0.6628 ▲
- USD/CAD: 1.3800 – 1.3875 ▼
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USD Snapshot
- Currency name: United States dollar
- Currency code: USD
- Currency symbol: $, US$
- Central bank: Federal Reserve
- Central bank website: https://www.federalreserve.gov/
- Reserve currency: The United States dollar is considered a reserve currency.
- Safe haven: The United States dollar is considered a safe haven currency.
- Countries used in: United States
- Major unit: One United States dollar
- Minor unit: One cent
- Minor units (cents) per United States dollar: 100
- Note denominations: $1, $5, $10, $20, $50, $100
- Coin denominations: 1¢, 5¢, 10¢, 25¢, 50¢, $1
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, also referred to as American dollar, or informally known as the 'buck') is the official currency for the USA, Ecuador, El Salvador, British Virgin Islands, Turks and Caicos Islands, Caribbean Netherlands, Palau, Federated States of Micronesia, Marshall Islands, and East Timor.
EUR Snapshot
- Currency name: Euro
- Currency code: EUR
- Currency symbol: €,
- Central bank: European Central Bank (ECB)
- Central bank website: https://www.ecb.europa.eu/careers/vacancies/html/index.en.html
- Reserve currency: The Euro is considered a reserve currency.
- Safe haven: The Euro is not considered a safe haven currency.
- Countries used in: Germany, France, Spain, Italy, Portugal, Netherlands, Greece, Belgium, Austria, Ireland, Malta, Slovenia, Latvia, Cyprus, Luxembourg, Estonia, Slovakia, Lithuania, Andorra, Finland, Monaco, Montenegro, San Marino, Vatican City, Kosovo
- Major unit: One Euro
- Minor unit: One cent
- Minor units (cents) per Euro: 100
- Note denominations: €5, €10, €20, €50, €100
- Coin denominations: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2
The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union.
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