Here is what you need to know on Tuesday, June 11:
The US Dollar Index fluctuates in a tight channel above 105.00 early Tuesday after posting small gains on Monday. The economic calendar will not feature any high-impact data releases. Later in the American session, the US Treasury will hold a 10-year Treasury note auction and the Federal Reserve's (Fed) two-day policy meeting will get underway.
The risk-averse market atmosphere helped the US Dollar (USD) stay resilient against its rivals at the beginning of the week. Meanwhile, investors refrain from taking large positions ahead of Wednesday's Consumer Price Index (CPI) data and the Fed's policy decisions. The US central bank will also release the revised Summary of Economic Projections.
US Dollar PRICE This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.31% | 0.00% | 0.28% | 0.02% | -0.39% | -0.36% | -0.11% | |
| EUR | -0.31% | 0.04% | 0.22% | -0.04% | -0.43% | -0.42% | -0.17% | |
| GBP | -0.00% | -0.04% | 0.32% | -0.07% | -0.46% | -0.45% | -0.21% | |
| JPY | -0.28% | -0.22% | -0.32% | -0.26% | -0.75% | -0.75% | -0.34% | |
| CAD | -0.02% | 0.04% | 0.07% | 0.26% | -0.38% | -0.38% | -0.14% | |
| AUD | 0.39% | 0.43% | 0.46% | 0.75% | 0.38% | 0.01% | 0.26% | |
| NZD | 0.36% | 0.42% | 0.45% | 0.75% | 0.38% | -0.01% | 0.25% | |
| CHF | 0.11% | 0.17% | 0.21% | 0.34% | 0.14% | -0.26% | -0.25% |
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).
During the Asian trading hours, the data from Australia showed that the National Australia Bank's Business Confidence Index dropped to -3 in May from 2 in April. AUD/USD largely ignored this data and was last seen moving sideways in a tight channel slightly above 0.6600.
Australian Dollar remains tepid as investors adopt caution ahead of looming Fed decision.
The UK's Office for National Statistics reported early Tuesday that the ILO Unemployment Rate edged higher to 4.4% in the three months to April, with the Employment Change coming in at -140,000 in the same period. Additionally, annual wage inflation, as measured by the change in the Average Earnings Including Bonus, held steady at 5.9%. GBP/USD lost its traction following the UK labor market data and erased its daily gains. Nevertheless, the pair managed to stabilize above 1.2700.
Pound Sterling edges down due to weak UK Employment, uncertainty ahead of Fed decision.
Following a two-day decline, EUR/USD recovers modestly and trades above 1.0750 in the European morning on Tuesday.
Widening spreads, falling Euro – The Fed won’t help lift sentiment.
USD/JPY closed the first day of the week in positive territory and continued to stretch higher during the Asian trading hours on Tuesday. At the time of press, the pair was trading at its highest level in a week above 157.00.
Gold registered small gains on Monday but struggled to gather bullish momentum. XAU/USD was last seen moving up and down in a narrow band at around $2,300.
Gold price remains on the defensive amid renewed rate jitters, US Dollar demand.
