Here’s what you need to know on Thursday, April 9th.
The dollar index (DXY) has been hovering around 99.10, bolstered by a flight to safe assets as US trading wrapped up. This comes as expectations grow that the US Federal Reserve (Fed) will remain cautious with monetary easing. Following the latest Federal Open Market Committee (FOMC) minutes, markets responded promptly, indicating that policymakers are taking a careful approach and are in no rush to lower interest rates, maintaining their long-term stance on rate hikes.
According to the minutes, officials expressed growing worries about ongoing inflation, particularly linked to rising energy costs amidst escalating tensions in the Middle East. Although the Fed noted some areas of the economy are starting to cool, it emphasized that progress on inflation is uneven and that the barriers to easing policy are significant.
Meanwhile, geopolitical factors are still casting a shadow over the economic outlook. Despite news of a temporary ceasefire involving the US, Iran, and Israel, there’s skepticism in the markets since the conditions for this ceasefire remain unmet and tensions linger throughout the region.
USD price today
The table below details the percentage changes of the US dollar (USD) against various major currencies today. Notably, the US dollar remains the strongest against the Canadian dollar.
| USD | EUR | GBP | JPY | CAD | Australian Dollar | New Zealand Dollar | Swiss Franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.49% | -0.72% | -0.59% | -0.21% | -0.86% | -1.41% | -0.69% | |
| EUR | 0.49% | -0.24% | -0.09% | 0.28% | -0.36% | -0.95% | -0.21% | |
| GBP | 0.72% | 0.24% | 0.13% | 0.52% | -0.11% | -0.69% | 0.03% | |
| JPY | 0.59% | 0.09% | -0.13% | 0.36% | -0.26% | -0.84% | -0.11% | |
| CAD | 0.21% | -0.28% | -0.52% | -0.36% | -0.61% | -1.18% | -0.48% | |
| Australian Dollar | 0.86% | 0.36% | 0.11% | 0.26% | 0.61% | -0.58% | 0.13% | |
| New Zealand Dollar | 1.41% | 0.95% | 0.69% | 0.84% | 1.18% | 0.58% | 0.72% | |
| Swiss Franc | 0.69% | 0.21% | -0.03% | 0.11% | 0.48% | -0.13% | -0.72% |
The heat map illustrates the percentage changes between major currencies. The base currency is indicated in the left column, while the quote currency is in the top row. For instance, selecting USD from the left column and moving horizontally to the Japanese Yen shows the percentage change for USD (base)/JPY (estimate).
The EUR/USD pair surged to about 1.1720 earlier today but has since dipped back to around 1.1650, hindered by a robust US dollar and ongoing worries about growth in the eurozone.
GBP/USD found some upward momentum, reaching a peak of 1.3484 but now hovers around 1.3380, close to recent lows.
As for USD/JPY, it dropped to the 158.70 range, managing a slight recovery from earlier lows but still facing pressure due to geopolitical tensions.
AUD/USD retreated from its prior highs near 0.7080 but remains higher around the 0.7030 level. This is despite stable domestic conditions—the overall cautious sentiment in the market is weighing heavily.
West Texas Intermediate (WTI) crude oil prices fell to $95.00 per barrel, as concerns over the Strait of Hormuz seem to have eased, although supply risks still linger amid reports of a fragile ceasefire.
Gold, meanwhile, had been trading near $4,709 earlier but is now in a more neutral zone as the risks appeared to taper off.
Here’s what’s next on the docket:
Thursday, April 9th
- German trade balance
- US PCE Price Index
- US GDP
- Number of new unemployment claims in the US
- US personal income
- US personal spending
- New Zealand PMI
- CNY CPI
- CNY PPI
Friday, April 10th
- German unified consumer price index
- Canadian employment data
- US consumer price index
- Orders from US factories
- Michigan Consumer Index
- One-year consumer inflation expectations in the US
- Five-year consumer inflation expectations in the US
- US monthly budget statement
