The US Dollar Index (DXY) fell towards the 98.90 area on Friday as improving market sentiment linked to growth in the Middle East dampened demand for safe-haven assets. While the latest United States (US) core personal consumption expenditures (PCE) price index on Thursday remained steady at 3.3% YoY in April, boosting expectations that the Federal Reserve (Fed) could keep interest rates higher for longer, investors focused on reports that the US and Iran reached a memorandum of understanding to extend the ceasefire by 60 days, reopen the Strait of Hormuz and begin nuclear talks.
US dollar price today
The table below shows the percentage change in the US Dollar (USD) against the major currencies listed today. The US dollar was the strongest against the Canadian dollar.
| USD | EUR | gbp | JPY | scurvy | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.14% | -0.18% | 0.02% | 0.05% | -0.35% | -0.94% | -0.47% | |
| EUR | 0.14% | -0.04% | 0.17% | 0.19% | -0.22% | -0.78% | -0.34% | |
| gbp | 0.18% | 0.04% | 0.19% | 0.23% | -0.17% | -0.73% | -0.29% | |
| JPY | -0.02% | -0.17% | -0.19% | 0.05% | -0.36% | -0.96% | -0.49% | |
| scurvy | -0.05% | -0.19% | -0.23% | -0.05% | -0.41% | -0.98% | -0.53% | |
| AUD | 0.35% | 0.22% | 0.17% | 0.36% | 0.41% | -0.57% | -0.12% | |
| NZD | 0.94% | 0.78% | 0.73% | 0.96% | 0.98% | 0.57% | 0.46% | |
| CHF | 0.47% | 0.34% | 0.29% | 0.49% | 0.53% | 0.12% | -0.46% |
The heat map shows the percentage change of major currencies against each other. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you select US Dollar from the left column and move to Japanese Yen along the horizontal line, the percentage change displayed in the box will represent USD (base)/JPY (quote).
EUR/USD moves towards the 1.1670 area as broader US dollar (USD) weakness supports the shared currency.
GBP/USD climbed towards the 1.3470 area, taking advantage of soft demand for the greenback. Sterling remains supported despite ongoing concerns over the United Kingdom (UK) fiscal outlook and slow economic growth.
USD/JPY is trading near the 159.30 area as higher yields in the US offset weak US yields. The Japanese yen remains under pressure after the Tokyo core CPI slowed to 1.4% on-year in May, while Bank of Japan (BOJ) Governor Kazuo Ueda warned that they could become more persistent if energy shocks start to weigh on wages and inflation expectations.
AUD/USD has moved towards the 0.7190 area as improving sentiment over US-Iran talks boosted demand for risk-sensitive currencies.
West Texas Intermediate (WTI) oil traded near $88.00 a barrel as hopes of an extension of the ceasefire and the possible reopening of the Strait of Hormuz would ease concerns over supply disruptions.
Gold has moved closer to the $4,550 area as investors continue to improve their risk appetite against geopolitical uncertainty and heightened global inflation pressures.
Economic perspective of hope: voices on the horizon
Friday, May 29:
Sunday, May 31:
- UK BOE’s Green
- Fed’s Waller
- Fed’s Powell
Tuesday, June 2:
- ECB’s Vujic
- BoE Governor Bailey
- sleazepan of ecb
- BOE’s Green
Wednesday, June 3:
- BOJ Governor Ueda
- ECB’s Alderson
- Fed’s Barr
- ECB’s Cipollone
- boe monetary policy report hearing
- fed beige book
Thursday, June 4:
- ecb president laggard
- BoE Governor Bailey
Friday, June 5:
- Dhingra of BOE
- BoE Governor Bailey
Central banks’ meetings and upcoming data releases will shape
Friday, May 29:
- China Manufacturing PMI
- China Non-Manufacturing PMI
Sunday, May 31:
- AU TD-MI Inflation Gauge
- China Caixin Manufacturing PMI
Monday, June 1:
- eurozone retail sales
- ch retail sales
- CH GDP
- germany manufacturing pmi
- France Manufacturing PMI
- eurozone manufacturing pmi
- eurozone unemployment rate
- CA Manufacturing PMI
- US Manufacturing PMI
- au building permit
Tuesday, June 2:
- eurozone cpi
- US Jolts Job Openings
- NZ building permit
- AU AIG Industry Index
- AU PMI
- AU Q1 GDP
- China Caixin Services PMI
Wednesday, June 3:
- Spain Services PMI
- germany pmi
- Eurozone PMI
- Eurozone PPI
- US ADP employment change 4-week average
- US PMI
- US factory orders
- au trade balance
Thursday, June 4:
- ch cpi
- eurozone retail sales
- US Challenger’s job cuts
- US initial jobless claims
- US nonfarm productivity
- US unit labor cost
- JP Labor Cash Income
Friday, June 5:
- Eurozone GDP
- Eurozone employment changes
- ca employment report
- ca average hourly wage
- ca unemployment rate
- US nonfarm payrolls
- US unemployment rate
- America’s average hourly earnings
- US labor force participation rate
- CA Ivey PMI
WTI Oil FAQs
WTI oil is a type of crude oil that is sold in international markets. WTI stands for West Texas Intermediate, one of three major types of crude including Brent and Dubai crude. WTI is also called “light” and “sweet” due to its relatively low gravity and sulfur content, respectively. It is considered a high quality oil that can be easily refined. It is sourced in the United States and distributed through the Cushing Hub, considered the “Pipeline Crossroads of the World”. It is a benchmark for the oil market and the price of WTI is often quoted in the media.
Like all assets, supply and demand are the key drivers of the price of WTI oil. Thus, global growth can be a driver of rising demand and vice versa for weak global growth. Political instability, war and sanctions can disrupt supplies and impact prices. Decisions by OPEC, a group of major oil producing countries, are another major price driver. The value of the US dollar affects the price of WTI crude oil, as oil is primarily traded in US dollars, thus a weaker US dollar can make oil more affordable and vice versa.
The weekly oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) influence the price of WTI oil. Changes in inventory reflect fluctuations in supply and demand. If the data shows a decline in inventories it could indicate increased demand, sending oil prices higher. Higher inventory may reflect increased supply, driving prices down. The API report is published every Tuesday and the EIA report the next day. Their results are generally similar, coming within 1% of each other 75% of the time. EIA data is considered more reliable because it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 oil producing countries that collectively set production quotas for member countries in twice-yearly meetings. Their decisions often impact WTI oil prices. When OPEC decides to reduce quotas, it could tighten supply, causing oil prices to rise. When OPEC increases production it has the opposite effect. OPEC+ refers to an expanded group that includes ten additional non-OPEC members, the most notable of which is Russia.
