EUR/USD trades sideways around 1.1780 despite strength in the US Dollar.
The US Dollar remains firm as investors digest the US SC’s ruling against Trump’s tariff policy.
Investors await Fed speeches and the flash German HICP data for February.
The EUR/USD pair trades in a tight range around 1.1780 during the European trading session on Tuesday. The major currency pair consolidates even as the US Dollar (USD) trades firmly, suggesting that the Euro (EUR) is also upbeat.
During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is up 0.16% to near 97.85.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
USD | -0.01% | -0.09% | 0.67% | -0.03% | -0.08% | -0.21% | -0.15% | |
EUR | 0.01% | -0.08% | 0.68% | -0.01% | -0.07% | -0.19% | -0.14% | |
GBP | 0.09% | 0.08% | 0.78% | 0.07% | 0.02% | -0.10% | -0.05% | |
JPY | -0.67% | -0.68% | -0.78% | -0.69% | -0.74% | -0.88% | -0.82% | |
CAD | 0.03% | 0.00% | -0.07% | 0.69% | -0.05% | -0.18% | -0.13% | |
AUD | 0.08% | 0.07% | -0.02% | 0.74% | 0.05% | -0.12% | -0.07% | |
NZD | 0.21% | 0.19% | 0.10% | 0.88% | 0.18% | 0.12% | 0.05% | |
CHF | 0.15% | 0.14% | 0.05% | 0.82% | 0.13% | 0.07% | -0.05% |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
The Greenback remains on the front foot as market participants expect uncertainty sparked due to the United States (US) Supreme Court (SC) blocking President Donald Trump’s tariff policy will be short-lived, as there are several ways to keep additional import duties in place. Even Trump has announced 15% global tariffs to offset the same, and has threatened steeper levies in case countries refrain from honouring trade deals in the wake of SC’s ruling.
Going forward, the next major trigger for the US Dollar will be speeches from a slew of Federal Reserve (Fed) officials who are scheduled to speak later in the day. Investors will pay close attention to Fed speeches to get fresh cues on the US interest rate outlook. Meanwhile, traders are confident that the Fed will leave interest rates unchanged in its upcoming policy meetings in March and April, according to the CME FedWatch tool.
On the Euro (EUR) front, the next major trigger will be the preliminary German Harmonized Index of Consumer Prices (HICP) data for February, which will be released on Friday. The data is expected to show that inflationary pressures grew 0.5% Month-on-Month (MoM) after declining 0.1% in January, with annual figures rising steadily by 2.1%.
The impact of the inflation data is expected to be limited on the European Central Bank’s (ECB) monetary policy outlook as price pressures have remained close to the 2% target.
Also, comments from ECB President Christine Lagarde in a conference on Monday signaled that there is no need for any monetary policy adjustment in the current scenario. “I very strongly believe that we are in that good place,” Lagarde said.
Comments
Log in or sign up to join the conversation.