Forex Today: Dollar strong ahead of US inflation

Valeria Bednarik 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

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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