Forex Today: Dollar slides further with focus on inflation data – by MSalordFX DollarIndex Currencies Inflation
ce. Later in Europe, the highlight will be the UK employment report. Market participants will also position ahead of a busy Wednesday that includes central bank decisions from New Zealand and Canada, and the US CPI.Wall Street finished in positive territory after a cautious opening following inflation data from China that pointed to softer demand. The Dow Jones gained 0.62%, and the Nasdaq climbed 0.18%.prices dropped less than 1%, while Gold finished flat around $1,925/oz.
China reported lower-than-expected inflation data, with the Consumer Price Index flat in June, against expectations of a 0.2% increase. The Producer Price Index dropped to -5.4% YoY, below the -5% expected. Deflationary evidence keeps the door wide open to more stimulus, not only monetary but also including fiscal measures.
The US Dollar weakened during the American session, affected by data reflecting lower inflation expectations and on the back of a decline in US Treasury yields. The 10-year bond yield declined from 4.07% to 4.00%. Market participants await the key USweighed on the US Dollar Index which continued to slide on Monday. It dropped for the third consecutive day, falling below 102.00, posting the lowest daily close in a month.
continued to consolidate after being unable to break above 145.00 and dropped below 141.50, consolidating well below the 20-day Simple Moving Average for the first time since April.rose above 1.1000, and the momentum remains positive, supported by a weaker US Dollar. On Tuesday, the German ZEW Survey will be released, and also the final reading of the June German CPI that should show no surprises from the preliminary reading.rose to the highest levels since April 2022, above 1.2850.
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