The US Dollar (USD) holds its early corrective move in Tuesday’s European session ahead of the United States (US) Consumer Price Index (CPI) data for June, which will be published at 12:30 GMT.
At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.15% lower to near 101.10 US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today
US Dollar was the weakest against the New Zealand Dollar. . On Monday, the USD Index gained sharply to near 101.33 after US President Donald Trump claimed Washington to be the rightful recipient of toll fees near the Strait of Hormuz, a critical chokepoint to almost 20% of global energy supply. Investors will closely monitor the inflation data as Federal Open Market Committee (FOMC) minutes of the June policy meeting showed that policymakers see high inflation as a “dominant risk”.
Therefore, it would have a significant impact on the Federal Reserve’s (Fed) interest rate expectations. Currently, the CME FedWatch tool shows that the odds of the Fed delivering at least one interest rate hike this year are 11.2%. According to estimates, the US headline CPI growth cooled down to 3.8% Year-on-Year (YoY) in June from 4.2% in May, with core figures rising steadily by 2.9%.