Forex Today: US inflation takes center stage

Valeria Bednarik FXStreet

What you need to know on Thursday, June 10:

The dollar edged higher but majors remained within familiar levels. Speculative interest showed some signs of excitement, ahead of US inflation figures and the European Central Bank monetary policy decision, both scheduled for this Thursday. US Treasury yields edged sharply lower, with that on the 10-year note at hitting 1.47%.

Stocks traded dully, with global indexes closing mixed but not far from their opening levels.

The EUR/USD pair peaked at 1.2217 but ended the day with modest losses at around 1.2170. The European Central Bank is likely to maintain the status quo, and its cautious approach to monetary policy. It does not seem likely that policymakers will mention tapering at this early stage of the economic recovery.

GBP/USD trades near 1.4100, weighed by renewed covid concerns. UK epidemiologist Neil Ferguson said that the UK could see a third wave comparable to the second one in terms of hospitalizations, if not deaths. The new Delta strain, currently the dominant in the UK, is believed to be 60% more transmissible than the Alpha one. The UK reported over 7,500 new cases in the past 24 hours, the biggest one-day increase since February 17.

AUD/USD trades around 0.7720 while USD/CAD advanced above 1.2110, as commodity-linked currencies were weighed by the soft tone of equities. Gold lost some ground ending the day at $1,888 a troy ounce, while crude oil prices also retreated, with WTI ending the day at $69.70 a barrel.

Volatility across the FX market is at its lowest in over a year. US inflation figures may bring it back, at least temporarily.

XRP price spike from critical support hints at a 20% rally

Like this article? Help us with some feedback by answering this survey:

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.

AUD/USD stays bid above 0.7100 on Australian trade data, Mideast optimism

AUD/USD clings to minor recovery gains above 0.7100 in the Asian session on Thursday as a new Israel-Lebanon ceasefire keeps a lid on the safe-haven US Dollar. Meanwhile, strong AustralianTrade Balane data also help the Aussie pair sustain the bounce from weekly lows.

USD/JPY hovers near the 160.00 intervention threshold on Mideast tensions

USD/JPY struggles to find acceptance above 160.00 and retreats from a one-month high in the Asian session on Thursday amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, a new Israel-Lebanon ceasefire caps the US Dollar and supports the currency pair. However, renewed US-Iran tensions keep the downside limited in the Greenback and the pair.

Gold rebounds from one-week low as Israel-Lebanon truce pressures safe-haven USD

Gold gains some positive traction on Thursday and climbs to the $4,475 area during the Asian session, reversing a major part of the previous day's slide to a one-week low. The Israel-Lebanon truce prompts some profit-taking around the US Dollar and supports the commodity.

Hyperliquid: ETF demand, capital rotation fuel HYPE rally as Bitcoin melts

Hyperliquid price sustains an upward trend near its all-time high of $75.76 on Thursday after posting 80% gains in May, while Bitcoin (BTC) retraces below $65,000, triggering a market-wide panic.

Kevin Warsh takes the Fed helm: What it means for the US Dollar

The Federal Reserve moves away from the highly predictable "forward guidance" model of the Jerome Powell era to a new “Kevin Warsh environment”, characterized by less communication, more policy surprises, and an increased focus on the Fed's complex balance sheet.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.