The dollar fell while the Euro rose on Wednesday, pressured by a hawkish shift from the European Central Bank last week.
The dollar index fell 0.2% to 93.464, the lowest since December, but still well above the 100 level that marks a currency overheat. The ICE Dollar Index (USDX) is still down 3.6% from its January highs, on track for its most significant monthly decline since February 2021. The euro rallied to a two-month high against the dollar after the ECB kept its primary refinancing rate at 0.01% and hinted that stimulus measures would continue beyond March.
The CPI print might offer new clues about the Federal Reserve’s monetary tightening pace. In the meantime, investors are bracing for higher-than-expected numbers that might signal more aggressive interest rate hikes.
According to economists polled by Reuters, readout might show a 0.6% month-over-month increase and 7.4% for the year.
The dollar index fell 0.057%, with the euro up 0.2% to $1.1426. Chief market strategist at Bannockburn Global Forex, Marc Chandler, talked about this shift. While the markets await clarity, he said that the dollar and the euro were squeezing within yesterday’s ranges.
Previous Change
Session
Dollar index 95.5220 95.5940 -0.07% -0.147% +95.6770 +95.3790
Euro/Dollar $1.1426 $1.1418 +0.07% +0.51% +$1.1449 +$1.1403
Dollar/Yen 115.5251 115.5300 -0.02% +0.35% +115.6901 +115.3200
Euro/Yen 132.02 131.91 +0.08% +1.28% +132.1500 +131.6300
Dollar/Swiss 0.9242 0.9252 -0.11% +1.32% +0.9255 +0.9222
Sterling/Dollar $1.3538 $1.3547 -0.08% +0.10% +$1.3588 +$1.3528
Dollar/Canadian 1.2668 1.2702 -0.25% +0.21% +1.2715 +1.2665
Aussie/Dollar $0.7183 $0.7146 +0.51% -1.20% +$0.7195 +$0.7142
Eu/Swiss 1.0559 1.0560 -0.03% +1.82% +1.0567 +1.0544
Euro/Sterling 0.8437 0.8424 +0.17% +0.45% +0.8450 +0.8414
NZ $0.6684 $0.6649 +0.54% -2.35% +$0.6698 +$0.6642
Dollar/Dollar
Dollar/Norway 8.8146 8.8275 -0.21% +0.01% +8.8450 +8.7835
Euro/Norway 10.0707 10.0708 +0.00% +0.59% +10.0909 +10.0420
Dollar/Sweden 9.1120 9.1392 -0.23% +1.04% +9.1552 +9.0775
Euro/Sweden 10.4119 10.4349 -0.22% +1.74% +10.4440 +10.3819
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