Forex Today: US Dollar struggles despite hawkish FOMC Minutes
Here is what you need to know for Thursday, July 9:
The US Dollar Index (DXY) trades near the 101.00 region on Wednesday as investors digest the Federal Open Market Committee (FOMC) Minutes from the June 16-17 meeting, the first under Federal Reserve (Fed) Chair Kevin Warsh.
The Minutes reinforced the Fed’s cautious stance, showing that policymakers unanimously agreed to leave rates unchanged while continuing to see upside inflation risks as elevated. Several participants also warned that stronger AI-related investment, higher tariffs, and renewed tensions in the Middle East could keep price pressure persistent.
The document leaned toward a higher-for-longer narrative as a few policymakers judged that another rate hike could eventually become appropriate if inflation evolves along a less favorable path. Still, the Greenback failed to gain strong traction with investors also weighing softer growth expectations and recent weakness in US labor data.
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 Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.30% | 0.26% | -0.25% | -0.11% | -0.50% | -0.04% | |
| EUR | 0.11% | -0.20% | 0.37% | -0.15% | 0.00% | -0.39% | 0.06% | |
| GBP | 0.30% | 0.20% | 0.57% | 0.05% | 0.19% | -0.20% | 0.24% | |
| JPY | -0.26% | -0.37% | -0.57% | -0.53% | -0.37% | -0.78% | -0.33% | |
| CAD | 0.25% | 0.15% | -0.05% | 0.53% | 0.15% | -0.26% | 0.19% | |
| AUD | 0.11% | 0.00% | -0.19% | 0.37% | -0.15% | -0.40% | 0.02% | |
| NZD | 0.50% | 0.39% | 0.20% | 0.78% | 0.26% | 0.40% | 0.44% | |
| CHF | 0.04% | -0.06% | -0.24% | 0.33% | -0.19% | -0.02% | -0.44% |
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 recovered toward the 1.1430 area despite the deteriorating geopolitical backdrop. The pair found some support from renewed selling in the US Dollar, although gains remain limited, as the FOMC Minutes showed that Fed officials are still more concerned about inflation persistence than about slowing growth.
GBP/USD advanced above 1.3400, reaching fresh multi-week highs as Cable benefited from broad USD weakness.
USD/JPY remained supported near multi-decade highs at 162.50 as the Japanese Yen continued to underperform against the Greenback.
AUD/USD trades higher near 0.6940 but struggles to build momentum as risk-sensitive currencies remain vulnerable to geopolitical uncertainty and the higher-for-longer Fed narrative. The Aussie also remains exposed to upcoming Chinese inflation and activity data, as Australia’s outlook is closely tied to Chinese demand for commodities.
West Texas Intermediate (WTI) Oil rose to $74.20 per barrel, reaching a two-week high near $75.73 amid fears of supply disruptions. Renewed US-Iran tensions and warnings around the Strait of Hormuz brought the geopolitical risk premium back into energy markets.
Gold came under pressure close to the $4,080 level as rising Treasury yields and renewed Fed tightening risks weighed on the non-yielding metal.
Author
Agustin Wazne
FXStreet
Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.
