US Dollar Slides Against G10s Ahead of US CPI, Fed Chair Kevin Warsh's Testimony
The US dollar slid against all the G10 currencies during European trading on Tuesday, as investors turned cautious ahead of the June Consumer Price Index data and Federal Reserve Chair Kevin Warsh's congressional testimony, due later in the day, both expected to offer fresh clues on the interest rate outlook. "Our call for the remainder of the year remains USD negative, primarily resting on another de-escalation and dovish Fed view. But risks, especially in the near-term, are clearly shifting to the bullish side for the greenback, with 102.0 potentially being reached rapidly in DXY if the Hormuz blockade continues," ING strategists said on Tuesday. At the time of writing, the US Dollar Index, a measure of the greenback's strength against the basket of major currencies, dropped 0.19% to 101.081 on Tuesday. A quick look at the majors ahead of the European lunch hour and the North American open. In Europe, EUR/USD grew 0.20% to 1.14030 as subdued Germany's wholesale data overcame the fragile dollar, helping the pair move higher. The wholesale prices in Germany, measured on a monthly basis, dropped 0.7% in June, compared with a 0.6% decline in May. The markets expected a 0.5%.
The US dollar slid against all the G10 currencies during European trading on Tuesday, as investors turned cautious ahead of the June Consumer Price Index data and Federal Reserve Chair Kevin Warsh's congressional testimony, due later in the day, both expected to offer fresh clues on the interest rate outlook. "Our call for the remainder of the year remains USD negative, primarily resting on another de-escalation and dovish Fed view.
But risks, especially in the near-term, are clearly shifting to the bullish side for the greenback, with 102.0 potentially being reached rapidly in DXY if the Hormuz blockade continues," ING strategists said on Tuesday.
At the time of writing, the US Dollar Index, a measure of the greenback's strength against the basket of major currencies, dropped 0.19% to 101.081 on Tuesday.
A quick look at the majors ahead of the European lunch hour and the North American open.
In Europe, EUR/USD grew 0.20% to 1.14030 as subdued Germany's wholesale data overcame the fragile dollar, helping the pair move higher.
The wholesale prices in Germany, measured on a monthly basis, dropped 0.7% in June, compared with a 0.6% decline in May.
The markets expected a 0.5%.