DXY rises slightly amid Fed member speeches
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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 ▲