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

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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.

GBP/USD extends the drop to 1.3360

GBP/USD builds on Monday’s decline and briefly clinches five-day lows near 1.3360 on Tuesday. Cable’s extra pullback follows the better tone in the Greenback as uncertainty in the Middle East prompts investors to adopt a cautious stance. Meanwhile, an apathetic UK labour market report also collaborates with the selling pressure on the British Pound.

EUR/USD stays offered just above 1.1400

EUR/USD keeps the downtrend well in place for yet another day, challenging the 1.1400 contention zone on Tuesday. The continuation of the selling impulse in spot comes amid decent gains in the US Dollar, which continues to find support in the persistent effervescence surrounding the US-Iran crisis.

Middle East crisis intensifies, Gold up

Gold now seems to have embarked on a consolidative phase below the key $4,100 mark per troy ounce in the latter part of Tuesday’s session. Meanwhile, uncertainty surrounding the Middle East conflict and rising expectations for a hawkish Fed policy outlook are expected to limit the precious metal’s bullish momentum in the near term.

XRP rebounds on rising on-chain activity

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

The Iranian war has again risen

The Iranian war has again risen to the top of the economics factor list. There is no end in sight. Intelligence experts say the current level of offense/retaliation will not change minds in Tehran, while in Washington, Trump fears all-out war, which would mean boots on the ground.

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The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.