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June 10, 2021

Find out the Current Movement of the USD Ahead of US Inflation Data

 Most of the major currencies continued to trade around the same price despite the gains recorded, however they reverted to the previous trading session.


In the Asian session, the dollar index traded around 90.17 against a basket of major currencies as investors took a wait -and -see stance ahead of tonight’s data release.


More aggressive movements are expected during the New York session, where US inflation data will be published and the European Central Bank (ECB) monetary policy meeting takes place.


The consumer price index has indeed been long awaited after last month’s report showed consumer prices rose the highest in nearly 12 years in April.



This has prompted expectations that higher price increases are likely to be recorded in May.


Meanwhile, the pound depreciated after Britain and the European Union (EU) failed to reach an agreement in talks on post-Brexit trade issues in Northern Ireland.


New concerns over the contagion of the Covid-19 Delta variant from India, which has now become dominant in the UK, have also limited pound trading and pushed the currency lower.


The UK reported more than 7,500 new cases in the last 24 hours, the biggest one -day increase since 17 February.