Forex Today: Dollar strong ahead of US inflation - FXStreet
What you need to know on Tuesday, August 10:
The dollar surged against European and safe-haven rivals but edged marginally lower against commodity-linked currencies, which were underpinned by the solid performance of Wall Street.
The US Senate passed President Joe Biden’s $1.2 trillion infrastructure bill in a 69-30 vote, which has now passed to the House. The bill could provide the nation with the biggest investment in decades in roads, bridges, airports and waterways. US indexes soared with the news, with indexes flirting with record highs.
The EUR/USD pair neared 1.1700, ending the day at 1.1720, while GBP/USD settled around 1.3840. The AUD/USD pair added some 20 pips while USD/CAD retreated towards the 1.2520 price zone. The USD/JPY pair extended its advance and trades at its highest in almost a month around 110.60.
Gold remained depressed, ending the day at $1,278.30 a troy ounce. Crude oil prices recovered some ground, with WTI ending the day at $68.40 a barrel.
The focus shifts to US inflation , to be out on Wednesday, and how could it affect future Fed’s decisions on monetary policy.
Three reasons why SafeMoon price will decline to $0.00000110
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.