The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, remains stronger for the seventh successive day and is trading around 100.00 during the Asian hours on Friday.
The Greenback surged as the US Personal Consumption Expenditure (PCE) Price Index report suggested that price pressures would increase in the second half of 2025 and delay the US Federal Reserve’s (Fed) interest rate cuts until at least October. Traders await the United States (US) Nonfarm Payrolls (NFP), due later in the North American session, which is expected to hold in positive territory in July.
However, the market sentiment remained cautious after US President Donald Trump imposed higher tariff rates on US trading partners set to go into effect on August 1. On Thursday, Trump signed an executive order imposing tariffs ranging from 10% to 41% on US imports from dozens of countries and foreign locations, including Canada, India, and Taiwan, that failed to reach trade deals deadline, per Reuters.
The US Bureau of Economic Analysis reported on Thursday that Core US Personal Consumption Expenditure Price Index (PCE) inflation ticked higher in June, rising 0.3% MoM as many market participants had expected. On an annualized basis, PCE inflation accelerated to 2.6% YoY, outrunning the expected hold at 2.5%.
The US Department of Labour (DOL) released Initial Jobless Claims, the number of US citizens submitting new applications for unemployment insurance, which rose to 218K for the week ending July 26. The latest print fell short of initial estimates (224K), while last week’s prints stood at 217K.
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
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).
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EUR/USD remains steady after mild gains registered in the previous session, trading around 1.1420 during the Asian hours on Friday. The pair holds ground ahead of the Eurozone Harmonized Index of Consumer Prices data due later in the day. Traders will shift their focus toward the United States Nonfarm Payrolls due later in the North American session.
The GBP/USD pair extends the decline to near 1.3195 during the Asian trading hours on Friday. The Pound Sterling edges lower against the Greenback due to rising expectations of the Bank of England rate cut next week. Investors brace for the US July employment data, including Nonfarm Payrolls and the Unemployment Rate, which will be published later on Friday.
Gold price struggles to capitalize on the overnight modest gains amid the Fed’s hawkish tilt. The USD climbs to a fresh multi-month peak and contributes to capping the precious metal. Trade jitters act as a tailwind for the XAU/USD pair as traders now await the US NFP report.
Bitcoin, Ethereum, and Ripple price action are showing signs of weakness as bears gain control of the momentum. BTC and ETH close below their key support levels, while XRP hovers around a critical level, all hinting at potential downside moves in the near term.
The FOMC remains divided over the best course of action amid tariff uncertainty. The key question is whether the tariffs pose a larger downside risk to labour markets or an upside risk to inflation?
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