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- The US Dollar Index climbs to near 99.50 as Iran’s attacks on US military bases have re-escalated US-Iran tensions.
- IRGC threatens more responsive action if it faces more attacks from the US.
- The odds of the Fed delivering at least one interest rate hike this year are over 50%.
The US Dollar (USD) attracts significant bids in the Asian trading session on Thursday, as Iran retaliates against the United States (US) attack near Bandar Abbas airport, Tasnim agency reported.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.25% higher to near 99.50.
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 | 0.31% | 0.43% | 0.08% | 0.21% | 0.58% | 0.49% | 0.35% | |
| EUR | -0.31% | 0.12% | -0.24% | -0.10% | 0.28% | 0.20% | 0.05% | |
| GBP | -0.43% | -0.12% | -0.36% | -0.23% | 0.16% | 0.08% | -0.09% | |
| JPY | -0.08% | 0.24% | 0.36% | 0.11% | 0.50% | 0.39% | 0.27% | |
| CAD | -0.21% | 0.10% | 0.23% | -0.11% | 0.38% | 0.28% | 0.14% | |
| AUD | -0.58% | -0.28% | -0.16% | -0.50% | -0.38% | -0.07% | -0.24% | |
| NZD | -0.49% | -0.20% | -0.08% | -0.39% | -0.28% | 0.07% | -0.16% | |
| CHF | -0.35% | -0.05% | 0.09% | -0.27% | -0.14% | 0.24% | 0.16% |
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).
Iran’s Islamic Revolutionary Guard Corps (IRGC) said that it attacked US military bases and threatened that more US attacks would face ‘a more decisive’ response from the Iranian military.
The IRGC had already vowed retaliation after so-called “defensive strikes” from the US Central Command on Wednesday, which were conducted against Iranian boats deploying mines.
The exchange of attacks between the US and Iran has significantly dented optimism towards a permanent peace deal. Iran’s retaliation has also resulted in a sharp increase in oil prices, a scenario that could boost inflation expectations further and force traders to raise hawkish Federal Reserve (Fed) bets.
Currently, the CME FedWatch tool, the odds of the Fed holding interest rates at their current levels this year are 43.1%, while the rest favor at least one interest rate hike this year. This is already a sharp turnaround from two interest rate cuts anticipated before the onset of the war.
Going forward, investors will focus on the US Personal Consumption Expenditure Price Index (PCE) data for April, which will be published at 12:30 GMT. The US PCE Inflation data – which is the Fed’s preferred inflation gauge – is estimated to have grown at a faster pace of 3.8% against the previous reading of 3.5%.
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