The US dollar hovered around five -month lows against most major currencies. as investors await the release of US inflation data and a European Central Bank (ECB) policy meeting that will rock the market.
The 10 -year US treasury yield moved weakly below the 1.50%level, in contrast to the rise displayed by the US dollar and the decline in gold prices.
Although the US dollar rose, the currency was still trading around the same price level in the previous session.
At the time of writing, the dollar index is trading around 90.18 against its other major competitors.
Following the development of the European currency, the pound continued to depreciate lower, weighed down by concerns about the contagion of the Covid-19 Delta variant and the still unresolved dispute between the UK and the EU.
The pound sterling traded weak below the 1.41000 price level against the US dollar as the market entered the European session.
On the other hand, the Aussie dollar and kiwi traded little changed with limited movement, with the market’s focus directed to tonight’s focus data, the US consumer price index.
The Canadian dollar also weakened after disappointment from the decision of the Central Bank of Canada (ECB) policy meeting which was not as expected to implement more tightening in its monetary policy.
