EUR/USD trades lower to near 1.1618 as oil prices rise due to renewed US-Iran tensions.
Higher oil prices have strengthened the US Dollar.
Eurozone’s core HICP arrives higher at 2.5% YoY in May from 2.4% estimates.
The Euro (EUR) is down against its major currency peers, trading 0.1% lower to near 1.1618 during the European trading session on Wednesday. The major currency faces selling pressure as rising oil prices due to renewed United States (US)-Iran tensions have diminished the appeal of currencies from oil-importing economies.
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Japanese Yen.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
USD | 0.09% | 0.03% | -0.16% | 0.06% | 0.18% | 0.31% | 0.16% | |
EUR | -0.09% | -0.05% | -0.24% | -0.03% | 0.09% | 0.21% | 0.08% | |
GBP | -0.03% | 0.05% | -0.19% | 0.02% | 0.15% | 0.26% | 0.14% | |
JPY | 0.16% | 0.24% | 0.19% | 0.21% | 0.33% | 0.43% | 0.32% | |
CAD | -0.06% | 0.03% | -0.02% | -0.21% | 0.13% | 0.25% | 0.11% | |
AUD | -0.18% | -0.09% | -0.15% | -0.33% | -0.13% | 0.12% | -0.04% | |
NZD | -0.31% | -0.21% | -0.26% | -0.43% | -0.25% | -0.12% | -0.13% | |
CHF | -0.16% | -0.08% | -0.14% | -0.32% | -0.11% | 0.04% | 0.13% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
In the European trade, the WTI Oil price extends its upside for the third straight trading day on Wednesday, rising 2.3% to near $93.80.
On Tuesday, the US Central Command (CENTCOM) reported that it had intercepted and defeated a series of Iranian missile and drone attacks and carried out self-defense strikes on Iran’s Qeshm Island in the Strait of Hormuz.
Surging oil prices have strengthened the US Dollar (USD). As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.12% higher to near 99.35.
On the domestic front, faster-than-expected growth in the Eurozone core Harmonized Index of Consumer Prices (HICP) data – which excludes volatile components like food, energy, alcohol, and tobacco – for May has prompted hawkish European Central Bank (ECB) bets. The core HICP arrived at 2.5% Year-on-Year (YoY), higher than 2.4% estimates and the previous reading of 2.2%.
Earlier in the day, ECB policymaker and the head of Belgium's central bank, Pierre Wunsch, said that the case for raising interest rates won’t be derailed even if a peace deal between the US and Iran is finalized before next week's policy meeting.
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