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Dollar slips in range as investors weigh geopolitics and ahead of CPI

The US Dollar Index traded near the 101.00 area and now faces the next catalyst of July 14 CPI data, while USD/CAD slid toward 1.4150 for a fourth day.

Reported · Written up by our desk · Major Pairs

The US dollar kept to a narrow trading range on Thursday, extending the prior day’s slide, with the US Dollar Index (DXY) maintaining a bearish tone for a second straight session before bouncing off earlier lows and rebuffing the 101.00 level.

Investors largely appeared to look past the cautious tone in the FOMC Minutes released Wednesday, as geopolitical tensions continued to circulate and FX focus shifted to upcoming data, including US CPI on July 14.

EUR/USD posted its second consecutive daily advance, though gains stalled near 1.1450, while GBP/USD gave back an early push toward three-week highs around 1.3430 and again tested the 1.3400 area.

The dollar’s weakness also showed up in USD/JPY, where a weekly recovery stalled amid renewed downside pressure and ongoing FX intervention concerns, and USD/CAD, which slipped back toward 1.4150 for the fourth straight day. Separately, WTI reversed a five-day advance to return near $72.00 per barrel, and gold recovered, reclaiming above $4,100 per troy ounce as the dollar weakened and geopolitical jitters persisted, according to FXStreet.

Latest closeGold $4,091.40 ▼1.3%|WTI crude $74.03 ▲5.1%|EUR/USD 1.143 ▼0.1%

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