The US Dollar Index (DXY) steadied near 100.80 on Thursday, a level not seen since May 2025, after the Federal Reserve left rates unchanged in the 3.50%‑3.75% range during Kevin Warsh’s inaugural meeting as Fed Chair on Wednesday.
In its first policy meeting under Chair Warsh, the Fed kept rates steady and removed its earlier reference to “additional rate adjustments,” signalling a more cautious, data‑driven approach.
Initial jobless claims slipped by 4,000 to 226,000 for the week ending June 13, close to the consensus forecast of 225,000, indicating limited layoffs. Continuing claims rose to 1.81 million, reflecting modest softness among workers already receiving benefits.
EUR/USD stayed under pressure around 1.1460 as the Dollar’s broad strength persisted. The Euro remained cautious after ECB officials warned of ongoing uncertainty regarding energy prices, inflation transmission, and potential second‑round wage effects.
GBP/USD traded near a two‑month low close to 1.3210 after the Bank of England kept its rate at 3.75%, with a 7‑2 split in favour of stability. While most policymakers advocated patience amid inflation and energy‑price volatility, two members advocated a hike to 4.00%, underscoring lingering inflation concerns.
USD/JPY moved higher in intervention territory, reaching 161.40 – a level not observed since July 2024. The rise reflected renewed demand for the Greenback as Warsh indicated that policymakers still require greater confidence that inflation is on a sustained path to the 2% target.
AUD/USD remained subdued around 0.7020 as the Australian Dollar struggled to extend gains, while the Dollar retained support from solid US labour‑market data.
West Texas Intermediate (WTI) crude held steady near $75.70 per barrel following the United States‑Iran agreement to reopen the Strait of Hormuz.
Gold struggled to find momentum around $4,220 as the Dollar’s strength, lower oil prices and improved risk appetite dampened safe‑haven demand, while firm US yields further pressured the non‑yielding metal.
US Dollar Price Today
The table below displays today’s percentage change of the US Dollar against major currencies. The Dollar posted the strongest gain versus the British Pound.
Key data releases scheduled for Friday, June 19:
- Germany PPI (May)
- UK Retail Sales (May)
- Canada Retail Sales (Apr)
WTI Oil FAQs
West Texas Intermediate (WTI) is a grade of crude oil traded globally and is one of three major benchmarks, alongside Brent and Dubai. Known as “light” and “sweet” for its low density and sulfur content, WTI is prized for its high quality and ease of refining. Produced in the United States and routed through the Cushing hub – the “pipeline crossroads of the world” – it serves as a key market benchmark, with its price regularly quoted in the media.
As with any commodity, supply and demand fundamentally shape WTI Oil prices. Strong global growth tends to boost demand, while weak growth reduces it. Geopolitical tensions, conflicts, and sanctions can curtail supply and drive prices higher. OPEC’s production‑quota decisions are a major influence on price movements. Because oil is priced in US dollars, the strength of the dollar inversely affects oil prices: a weaker dollar makes oil cheaper, whereas a stronger dollar has the opposite effect.
Weekly inventory reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA) influence WTI prices. Declining inventories suggest stronger demand and can lift prices, while rising inventories indicate excess supply and can depress them. API releases its data each Tuesday, with EIA following on Wednesday; the two reports typically differ by less than 1% and agree 75% of the time. The EIA figures are regarded as more reliable because they are produced by a government agency.
OPEC, comprising 12 oil‑producing nations, convenes twice a year to set production quotas for its members. Its decisions frequently influence WTI prices: reducing quotas tightens supply and pushes prices higher, while increasing output has the opposite effect. OPEC+ expands the cartel to include ten additional non‑OPEC producers, most prominently Russia.
