The U.S. dollar (USD) weakened this week, with the U.S. dollar index (DXY) falling below 100.00 to 99.60 on Friday after a midweek surge resulting from the Federal Reserve’s (Fed) decision to keep interest rates in the 3.50%-3.75% range. The third week of the war in Iran is coming to an end and the Strait of Hormuz is still effectively closed due to persistently high oil prices. Reports indicate the Pentagon is deploying thousands of additional Marines to the region, suggesting a quick resolution is unlikely. Moreover, Fed Chairman Jerome Powell warned that inflation pressures may continue to escalate.
Today’s US dollar price
The table below shows the current percentage change of the United States Dollar (USD) against the major listed currencies. The US dollar was strongest against the Australian dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.33% | 0.80% | 1.02% | -0.19% | 1.09% | 0.91% | 0.06% | |
| EUR | -0.33% | 0.46% | 0.70% | -0.52% | 0.77% | 0.58% | -0.26% | |
| GBP | -0.80% | -0.46% | 0.25% | -0.98% | 0.30% | 0.12% | -0.72% | |
| JPY | -1.02% | -0.70% | -0.25% | -1.19% | 0.07% | -0.10% | -0.93% | |
| BOOR | 0.19% | 0.52% | 0.98% | 1.19% | 1.28% | 1.11% | 0.26% | |
| AUD | -1.09% | -0.77% | -0.30% | -0.07% | -1.28% | -0.17% | -1.02% | |
| NZD | -0.91% | -0.58% | -0.12% | 0.10% | -1.11% | 0.17% | -0.84% | |
| CHF | -0.06% | 0.26% | 0.72% | 0.93% | -0.26% | 1.02% | 0.84% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select 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).
EUR/USD is hovering around 1.1550 after reaching modern 2026 lows at the beginning of the week, despite the hawkish tilt of the European Central Bank (ECB), and markets currently assess the probability of a rate hike this year at 85%.
GBP/USD is hovering around 1.3330 after the Bank of England (BoE) kept interest rates on hold on Thursday but signaled it may need to tighten policy if energy-led inflation continues.
USD/JPY is trading near 159.30 and the yen is taking a hit after the Bank of Japan (BoJ) signaled it will return to the path to normalization.
AUD/USD is hovering near the 0.7010 level after the Reserve Bank of Australia (RBA) raised interest rates for the second meeting in a row, although broader risk-off sentiment remains negative for Australia.
West Texas Intermediate (WTI) crude is trading near $98 a barrel, near a one-week high, after Israeli Prime Minister Benjamin Netanyahu said he would lend a hand reopen the Strait of Hormuz.
Gold fell to $4,583 after a brutal sell-off driven by rising Treasury yields and forced liquidation of leveraged positions, outpacing conflict-driven safe-haven demand.
Anticipating the economic outlook: voices on the horizon
Monday, March 23:
- Escriva from the ECB.
- Cipollone from the ECB.
- ECB belt.
Tuesday, March 24:
- Bremen RBNZ.
- Kocher from the ECB.
- Sleijpen owned by the ECB.
- Cipollone from the ECB.
- Nagel of the ECB.
- ECB belt.
- Barr Fed.
Wednesday, March 25:
- President of the ECB Lagarde.
- ECB belt.
- Greene of the BoE.
- Mirana from the Fed.
Thursday, March 26:
- De Guindos from the ECB.
- Breeden from the BoE.
- Greene of the BoE.
- Taylor of the BoE.
- Chef Fed.
- Mirana from the Fed.
- Jefferson of the Fed.
- Logan from the Fed.
- Barr Fed.
Friday, March 27:
- Daly Fed.
- Paulson of the Fed.
- Schnabel ECB.
Saturday, March 28:
Central bank meetings and upcoming data releases to shape monetary policy
Monday, March 23:
- Eurozone March Consumer confidence Prel.
- Australia March S&P Global PMI Prel.
- Japan consumer price index for February.
Tuesday, March 24:
- Eurozone March HCOB PMI Prel.
- United Kingdom March S&P Global PMI Prel.
- Employment change at ADP in the USA.
- Non-agricultural productivity in the USA and unit labor costs (Q4).
- American global PMI S&P indices in March Prel.
- Minutes of the BOJ meeting on Japan’s monetary policy.
Wednesday, March 25:
- Australian Consumer Price Index (February).
- UK inflation data (CPI, PPI, RPI).
- Switzerland March ZEW survey – expectations.
- Germany March IFO business climate.
- Quarterly bulletin of the Swiss SNB (first quarter).
Thursday, March 26:
- Germany GfK April consumer confidence.
- Euro zone gross domestic product (Q4).
- Monthly report of the Bundesbank in Germany.
- Initial applications for unemployment benefits in the USA.
- New Zealand March ANZ – Roy Morgan Consumer Confidence.
Friday, March 27:
- UK consumer confidence in March.
- UK retail sales in February.
- Euro area March Harmonized Index of Consumer Prices Prel.
- Consumer sentiment and inflation expectations in Michigan in March.
(This story was corrected March 20 at 22:14 GMT to say the Iran war was nearing the end of its third week, not its fourth.)
Frequently asked questions about WTI crude oil
WTI Oil is a type of crude oil sold on international markets. WTI stands for West Texas Intermediate, one of three main types, including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” due to its relatively low weight and low sulfur content. It is considered a high-quality oil that can be easily refined. It originates in the United States and is distributed through the Cushing Junction, considered the “Crossroads of the World.” It is a reference point for the crude oil market, and the WTI price is often quoted in the media.
Like all assets, supply and demand are key factors influencing the price of WTI crude oil. Therefore, global growth may drive increased demand and, conversely, frail global growth. Political instability, wars and sanctions can disrupt supply and affect prices. Another key factor shaping prices are the decisions of OPEC, the group of major oil-producing countries. The value of the US dollar affects the price of WTI crude oil because oil is mainly sold in US dollars, so a weaker US dollar can make oil more affordable and vice versa.
Weekly crude oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Administration (EIA) influence the price of WTI crude oil. Inventory changes reflect fluctuations in supply and demand. If the data shows a decline in inventories, it may indicate increased demand, which will result in an escalate in the price of oil. Higher inventories may reflect increased supply, which causes prices to fall. The API report is published every Tuesday and the EIA report the next day. Their results are usually similar and are within 1% of each other 75% of the time. EIA data is considered more reliable because it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 oil-producing countries that jointly decide on production quotas for member countries at meetings held twice a year. Their decisions often influence the prices of WTI crude oil. When OPEC decides to cut quotas, it can tighten supply, which will push up oil prices. OPEC increasing production has the opposite effect. OPEC+ refers to an expanded group that includes ten additional non-OPEC members, the most notable of which is Russia.
