The US Dollar Index (DXY) is losing momentum near 98.00 as safe-haven demand wanes on reopening news, but decline remains circumscribed due to lingering geopolitical risks.
As events continue in the Strait of Hormuz, markets are seeing swings from relief to renewed caution. Earlier reports confirmed that this key oil chokepoint is “fully open and ready for full transition,” easing concerns about prolonged supply disruptions.
However, novel developments complicate the situation. Reports suggest Iran may consider closing the Strait of Hormuz again if the United States maintains its naval blockade, warning that such action would be seen as a ceasefire violation.
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 euro.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.09% | -0.17% | -0.59% | -0.23% | -0.31% | -0.16% | -0.49% | |
| EUR | 0.09% | -0.08% | -0.52% | -0.15% | -0.22% | -0.08% | -0.42% | |
| GBP | 0.17% | 0.08% | -0.45% | -0.07% | -0.14% | 0.01% | -0.32% | |
| JPY | 0.59% | 0.52% | 0.45% | 0.37% | 0.28% | 0.42% | 0.09% | |
| BOOR | 0.23% | 0.15% | 0.07% | -0.37% | -0.08% | 0.05% | -0.26% | |
| AUD | 0.31% | 0.22% | 0.14% | -0.28% | 0.08% | 0.15% | -0.19% | |
| NZD | 0.16% | 0.08% | -0.01% | -0.42% | -0.05% | -0.15% | -0.34% | |
| CHF | 0.49% | 0.42% | 0.32% | -0.09% | 0.26% | 0.19% | 0.34% |
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 moving higher towards the 1.1790 region, benefiting from a softer dollar tone, although gains remain circumscribed by cautious sentiment and mixed eurozone data.
GBP/USD is also rising near the 1.3550 level, supported by improved risk appetite as the pair tries to recover from recent losses amid a reassessment of global risks.
USD/JPY fell near the 158.20 price zone as the Japanese Yen (JPY) found some support from residual safe-haven demand.
AUD/USD was one of the top performers early in the day, rising sharply towards the 0.7200 price area but later weakening near the 0.7180 price zone. Fears of an oil shock and improved global sentiment favor currencies linked to raw materials.
West Texas Intermediate (WTI) crude fell sharply to near $83.00 a barrel, lower after the Strait of Hormuz reopened on supply concerns and falling risk premiums. Still, prices remain vulnerable to sudden spikes should geopolitical tensions re-emerge.
Gold rose to $4,865 even as demand for sheltered havens weakened amid continued uncertainty and the risk of renewed escalation in the Middle East.
Anticipating the economic outlook: voices on the horizon
Tuesday, April 21:
- Nagel ECB speech
- ECB De Guindos Speech
- Waller Fed speech
Wednesday, April 22:
- Elderson’s ECB Speech
- ECB speech in Lane
- BoE Speech in Breeden
- ECB speech in Lane
- ECB speech in Cipollone
- ECB speech in Sleijpen
- Nagel ECB speech
- Speech by ECB President Lagarde
Thursday, April 23:
Friday, April 24:
- Speech by SNB Chairman Schlegel
This will be shaped by central bank meetings and upcoming data releases
Monday, April 20:
- Chinese PBoC decision on interest rates
- Germany PPI March
- Canadian CPIs
- Canada BoC Business Prospects Survey
- New Zealand Business Confidence Q1
- CPI in New Zealand for the first quarter
Tuesday, April 21:
- Data on the UK labor market
- Germany ZEW Survey, April
- ZEW survey in the euro zone, April
- United States ADP Employment change, 4-week average
- US retail sales in March
- United States waiting for home sales in March
- Japan’s trade balance in March
- Japan exports in March
- Japan imports March
Wednesday, April 22:
- UK inflation data for March
- Consumer confidence in the euro zone April Prel
- Global PMI indexes of the Australian agency S&P, April Prel
Thursday, April 23:
- ECB meeting on euro area non-monetary policy
- France HCOB PMI April Prel
- Germany HCOB PMI April Prel
- Eurozone HCOB PMI April Prel
- United Kingdom Global PMI S&P April Prel
- Initial claims for unemployment benefits in the United States
- United States S&P Global PMI April Prel
- March novel home sales in the United States
- UK GfK Consumer Confidence, April
- Japan inflation data, March
Friday, April 24:
- UK retail sales in March
- IFO survey in Germany, April
- Canadian retail sales in February
- Data from Michigan, United States, April
- Inflation expectations in the United States April
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 enhance 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.
