US Dollar Mixed Ahead of Consumer Price Data
The US dollar traded on a mixed note against its major trading partners in the forex markets on Wednesday—up versus the yen and Canadian dollar.
However, the greenback plunged against the euro and pound as markets focused on the release of October consumer price data. Consumer price gains are expected to be in line with recent months, with a 0.2% gain in the overall consumer price index and a 0.3% increase in core CPI.
A quick summary of foreign exchange activity heading into Wednesday showed that USDEUR rose to 1.0627 from 1.0623 at the Tuesday US close and 1.0622 at the same time Tuesday morning.
There are no Eurozone data on Wednesday’s schedule. The next European Central Bank meeting is scheduled for Dec. 12.
GBPUSD rose slightly to 1.2748 from 1.2746 at the Tuesday US close but was well below a level of 1.2823 at the same time Tuesday morning.
There are no UK data on Wednesday’s schedule, but Bank of England policy board member Catherine Mann said earlier in the day that the BoE can be patient on rate cuts while there are still upside inflation risks. The next Bank of England meeting is scheduled for Dec. 19.
USDJPY rose to 154.8108 from 154.5697 at the Tuesday US close and 154.0551 at the same time Tuesday morning. Japanese producer prices rose faster than expected in October, according to data released overnight. The next Bank of Japan meeting is scheduled for Dec. 18-19.
USDCAD rose to 1.3951 from 1.3941 at the Tuesday US close but was still below a level of 1.3955 at the same time Tuesday morning. Canadian consumer sentiment data for November is due to be released. Bitcoin Hits $87,000, Crypto Market Cap Nears $3 Trillion
