- The Japanese Yen surrenders its early losses and turns negative against the US Dollar as the latter recovers strongly.
- The US Dollar attracts significant bids on upbeat US data and the US-Iran war.
- Traders doubt that the Fed will cut interest rates in the July policy meeting.
The Japanese Yen (JPY) gives back its early gains and turns negative against the US Dollar (USD) during the European trading session on Thursday. The USD/JPY pair rises to near 157.35 as the US Dollar resumes its upside journey after a corrective move.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.4% higher to near 99.15.
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 Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.40% | 0.40% | 0.08% | 0.12% | 0.78% | 0.52% | 0.26% | |
| EUR | -0.40% | -0.01% | -0.33% | -0.27% | 0.37% | 0.11% | -0.14% | |
| GBP | -0.40% | 0.01% | -0.34% | -0.26% | 0.39% | 0.11% | -0.13% | |
| JPY | -0.08% | 0.33% | 0.34% | 0.05% | 0.71% | 0.42% | 0.18% | |
| CAD | -0.12% | 0.27% | 0.26% | -0.05% | 0.67% | 0.38% | 0.11% | |
| AUD | -0.78% | -0.37% | -0.39% | -0.71% | -0.67% | -0.26% | -0.52% | |
| NZD | -0.52% | -0.11% | -0.11% | -0.42% | -0.38% | 0.26% | -0.26% | |
| CHF | -0.26% | 0.14% | 0.13% | -0.18% | -0.11% | 0.52% | 0.26% |
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).
The US Dollar gains as upbeat United States (US) ADP Employment and surprisingly strong ISM Services PMI data for February have forced traders to pare bets supporting interest rate cuts by the Federal Reserve (Fed) in the July policy meeting.
The ADP reported that the US private sector created 63K fresh jobs in February, significantly higher than 50K estimates and the prior reading of 11K. Meanwhile, the ISM report showed that the Services PMI arrived higher at 56.1, while it was expected to come in lower at 53.5 from 53.8 in January.
According to the CME FedWatch tool, the odds of the Fed reducing interest rates in the July meeting have increased to 50.2% from 37.9% seen on Tuesday.
In addition to diminishing dovish Fed bets, broadly firm demand for safe-haven assets amid heightened conflicts in the Middle East is also supporting the US Dollar. The war between the US, Iran, and Israel seems unlikely to end in the near term as Tehran denies reports stating that it is willing to talk on truce.
Though the US Dollar outperforms the Japanese Yen (JPY), the latter is up against its other peers as its safe-haven demand has also improved amid the US-Iran war.
