Dollar steady following CPI, ECB and Jobless Claims

Dollar steady following CPI, ECB and Jobless Claims

Two headline events today include the ECB meeting and US CPI data release. As they were released, there was initial volatility in the markets. The dollar gained ground versus the euro, pound, Japanese yen, and lost ground versus the Canadian dollar and other commodity currencies.
“Life is a long lesson in humility.” 
James M. Barrie
  • FX Rates
    June 10, 2021

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  • USD

    The dollar rose following CPI data that showed consumer prices increasing faster than expected in May. CPI gained by 0.6% versus 0.5%. May US inflation was upwardly revised to 5% YoY in May – the fastest pace in 13 years. Initially the dollar earned some buying interest on the news, but the momentum lacked follow through. Annual inflation tracked to 3.8% YoY, higher than 3.0% estimates. Jobless claims came in at 376K – better than previous 385K, but still higher than expectations.


    After dropping below 1.40 early this morning, the pound has since rebounded to session highs on dollar selling despite higher than expected US inflation figures. Sterling has been resilient to Brexit uncertainty in recent weeks, but the underlying sentiment continues to cap gains.


    The euro is up within range versus the dollar following the ECB’s anticipated decision to leave rates and easing programs unchanged. In a released statement, the ECB expects to keep interest rates at present or lower levels until inflation reaches 2%. The ECB also boosted the GDP forecast due to ongoing vaccinations and reopening efforts.  


    Commodity currencies outperform G-10 peers amid higher raw-material prices and following higher than expected CPI numbers. CAD whipsawed in early trading this morning and is currently unchanged from yesterday’s close.


    The US and China had a first call since President Biden took office where the two nations agreed to strengthen trade and investment ties.

    In Japan, PPI jumped to 4.9% in May – the highest since 2008. The USD/JPY cross rose above 109.70.

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Kathryn Garvey
Kathryn Garvey

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