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Dollar Holds Nearly Flat As Attention Shifts To Upcoming Data, ECB Meeting

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Dollar Holds Nearly Flat As Attention Shifts To Upcoming Data, ECB Meeting

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NEW YORK – The dollar was little changed and was out of session lows on Wednesday.

Investors focused on a meeting of the European Central Bank and the upcoming US consumer price index report.

help measure the current pace of economic recovery.

Both are due on Thursday and investors have adopted a wait-and-see attitude, leaving the major currencies

mostly limited range recently.

Consumer price data from the US Department of Labor has been much anticipated after last month’s report.

showed consumer prices rose the most in nearly 12 years in April, fueling the view that a higher

Prices may last longer than some anticipate. Economists Polled by Reuters Forecast CPI

it advanced 0.4% in May.

Previously, Chinese producer price data for May showed the biggest jump in a dozen years, and the

consumer prices rose 1.3% in May, the largest year-on-year increase in eight months, but below

Expectations.

With the ECB, investors will be on the lookout for any hint of an imminent slowdown in bond buying.

Program.

On Wednesday, the Bank of Canada left its key interest rate unchanged as expected, and said it would.

maintain its current quantitative easing policy. He also reiterated his guidance that rates would remain

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unchanged until at least the second half of 2022.

The loonie rose against the dollar in the wake of the announcement. In the afternoon

trade was flat at 1.21 to the dollar.

The dollar index last rose 0.03% to 90.14, with the euro also almost unchanged in

$ 1.2176.

The message that has begun to resonate with investors is that central bank policymakers are going to

“Eliminate high prices in the short term,” and that has led to a lower US dollar, said Adam Button, currency director.

ForexLive analyst in Toronto.

“Inflation figures are going to be higher than they anticipate in the short term, but there are

a solid central bank consensus around transitory inflation, ”he said.

The dollar was up 0.1% against the yen to 109.62 yen, while the British pound fell 0.3% to $ 1.4111.

The pound slides as Britain and the European Union failed to agree on solutions for post-Brexit trade

trouble in the British province of Northern Ireland, and exchanged threats in a confrontation that could claim

the international summit of the G7.

Deutsche Bank’s currency volatility index reached its lowest level since February 2020 on Tuesday,

and it slid even further on Wednesday.

While the ECB is expected to keep policy settings stable, the euro could be sensitive to changes in the

the bank’s economic forecasts or any sign that the pace of bond buying could slow down in the coming months.

Investors are also watching negotiations in Washington on potential infrastructure spending, which

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It could also have an effect on the pace of US growth.On Wednesday, US lawmakers said a bipartisan

group of 10 senators was discussing whether it is possible to revitalize America’s highways and bridges without

raising taxes after President Joe Biden rejected a separate Republican proposal Tuesday.

Bitcoin rebounded from a three-week low it reached on Tuesday when there were signs of institutional

Investor caution and regulatory attention boosted sales. Lately it’s up 8% to $ 36,114.

============================================== = = =====

Currency offer prices at 3:31 pm (1931 GMT)

Description RIC Last US Closing Percentage Change YTD Percentage High Bid Low Bid

Previous change

session

Dollar index 90.1400 90.1270 + 0.03% 0.177% +90.1620 +89.8330

Euro / Dollar $ 1.2176 $ 1.2173 + 0.02% -0.34% + $ 1.2218 + $ 1.2172

Dollar / Yen 109.6150 109.4850 + 0.12% + 6.09% +109.6450 +109.2300

Euro / Yen 133.47 133.28 + 0.14% + 5.16% +133.6200 +133.2100

Dollar / Swiss 0.8959 0.8969 -0.12% + 1.25% +0.8971 +0.8926

Pound sterling / Dollar $ 1.4111 $ 1.4153 -0.29% + 3.29% + $ 1.4188 + $ 1.4111

Dollar / Canadian 1.2114 1.2116 -0.04% -4.89% +1.2117 +1.2058

Aussie / Dollar $ 0.7727 $ 0.7737 -0.09% + 0.49% + $ 0.7762 + $ 0.7724

Euro / Switzerland 1.0909 1.0915 -0.05% + 0.94% +1.0927 +1.0906

Euro / Sterling 0.8628 0.8599 + 0.34% -3.46% +0.8638 +0.8590

$ 0.7171 $ 0.7194 -0.27% -0.10% + $ 0.7214 + $ 0.7167

Dollar / dollar

Dollar / Norway 8.2830 8.2640 + 0.16% -3.60% +8.2835 +8.2465

Euro / Norway 10.0858 10.0660 + 0.20% -3.64% +10.0881 +10.0495

Dollar / Sweden 8.2640 8.2694 + 0.04% + 0.82% +8.2790 +8.2365

Euro / Sweden 10.0626 10.0590 + 0.04% -0.14% +10.0838 +10.0542

(Additional report by Ritvik Carvalho in London; edited by Edmund Blair, Jonathan Oatis and Andrea

Ricci)

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In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

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