Forex Today: US Dollar eases after PCE data, Yen remains near intervention zone

Agustin Wazne FXStreet

Here is what you need to know for Friday, June 26:

The US Dollar Index (DXY) lost momentum on Thursday, retreating toward the 101.40 area after a fresh batch of United States (US) economic data showed sticky inflation, stronger growth, and a resilient labor market. Annual inflation in the US, measured by the Personal Consumption Expenditures (PCE) Price Index, climbed to 4.1% in May from 3.8% in April, matching expectations, while core PCE rose to 3.4% YoY.

Additionally, Initial Jobless Claims fell to 215K, and first-quarter Gross Domestic Product (GDP) was revised higher to an annualized 2.1% from 1.6%.

US Dollar Price Today

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.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.10%	-0.23%	-0.02%	-0.26%	-0.16%	0.00%	-0.29%
EUR	0.10%		-0.08%	0.13%	-0.14%	-0.03%	0.16%	-0.17%
GBP	0.23%	0.08%		0.21%	-0.01%	0.04%	0.26%	-0.08%
JPY	0.02%	-0.13%	-0.21%		-0.26%	-0.16%	0.00%	-0.31%
CAD	0.26%	0.14%	0.01%	0.26%		0.08%	0.28%	-0.06%
AUD	0.16%	0.03%	-0.04%	0.16%	-0.08%		0.17%	-0.12%
NZD	-0.01%	-0.16%	-0.26%	-0.00%	-0.28%	-0.17%		-0.34%
CHF	0.29%	0.17%	0.08%	0.31%	0.06%	0.12%	0.34%

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).

EUR/USD traded with mild gains near 1.1370 as the Greenback softened following the PCE release. On the Eurozone side, German sentiment data offered some support to the Euro, with the GfK Consumer Confidence Survey improving to -29.2.

GBP/USD advanced toward the 1.3200 area, benefiting from the broader pullback in the US Dollar (USD).

USD/JPY hovered near 161.80, in intervention territory, as wide US-Japan yield differentials continued to weigh on the Japanese Yen. Traders now look ahead to the upcoming Tokyo Consumer Price Index (CPI) release for June, which will be released early in the Asian session, and could provide fresh clues on the Bank of Japan’s (BoJ) policy path.

AUD/USD gained moderately near the 0.6910 area despite stronger Australian labor market data. Australia’s Employment Change rose by 40.3K in May, beating expectations, while the Unemployment Rate eased to 4.4% from 4.5%.

West Texas Intermediate (WTI) Oil recovered toward the $71.90 per barrel area after renewed supply concerns around the Strait of Hormuz. Oil prices found support after reports of a cargo vessel being hit near Oman, although expectations of improving Middle East flows kept the broader upside limited.

Gold rebounded above the $4,030 area as the US Dollar and Treasury yields moved lower following the PCE report. The metal found support after inflation matched expectations, easing some concerns over an imminent Fed rate hike, although the broader outlook remains tied to US rate expectations.

What’s next in the docket:

Friday, June 26:

Tokyo CPI
Final University of Michigan Consumer Sentiment.

Author

Agustin Wazne

FXStreet

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

GBP/USD climbs to two-day highs past 1.3200

GBP/USD picks up extra pace and surpasses the 1.3200 threshold on Thursday. That said, Cable manages to shrug off initial weakness and regain balance on the back of the fresh selling pressure hurting the Greenback.

EUR/USD stays consolidative around 1.1370

EUR/USD regains momentum and trades with modest gains around 1.1370 ahead of the opening bell in Asia. The pair sets aside three daily declines in a row and picks up pace on the back of the lacklustre performance of the US Dollar, particularly after US data failed to reinforce Fed rate hike bets.

Gold bounces from 2026 lows, remains pressured

Gold reverses part of its recent weakness on Thursday, managing to reclaim the area just above the $4,000 mark per troy ounce. The precious metal regains traction on the back of renewed selling interest in the Greenback, although expectations of rate hikes by the Fed are likely to keep buyers on the sidelines for now.

Three reasons to avoid buying Bitcoin at $60,000

Bitcoin (BTC) hovers around $62,000 on Thursday, recovering from a brief dip below $60,000 the previous day. Although dip buyers anticipate a rebound in BTC from its psychological support zone, bearish signals from the upcoming Bitcoin options expiry, Exchange Traded Funds (ETFs) outflows, and large-wallet investor activity warn that selling could snowball in the coming period.

Micron prints perfect, and now the chart has to answer

Memory’s biggest name just delivered the cleanest quarter of its life, and the most interesting thing about it is that the stock isn’t sure what to do with it. Micron closed out fiscal Q3 with revenue of $41.5 billion, up 346% on the year, a fifth straight record. Gross margin came in at 84.9%, up from 39% the same quarter a year ago. Earnings landed at $25.11 against a Street sitting near $20.49.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.