The simplest solutions are often the best ones, particularly when they have sufficient scale.
The single currency nosedived to $1.1990 after the Federal Reserve brought forward its projections for the first post-pandemic interest rate hikes into 2023, citing an improved health situation and dropping a long-standing reference that the crisis was weighing on the economy. Markey eyeing final inflation figures from the eurozone for May.
Sterling slipped to $1.3990 due to a rapid increase in Delta-variant COVID-19 cases in Britain, making upbeat British inflation short-lived.
Japanese Yen cascaded to 110.70 per dollar on hawkish Fed surprising monetary policy.
Canadian dollar plummeted to 1.2280 per dollar on reports from Governor Tiff Macklem that the Bank of Canada saw some choppiness in growth in the second quarter of 2021 following a sharp economic recovery from the COVID-19 pandemic at the start of the year.
Aussie knocked to $0.7620, despite Australia reported a whopping increase of 115,200 jobs in May and a drop in the Unemployment Rate to 5.1%.
South Africa's rand extended its losses to 14 per greenback, albeit risk-aversion.
The dollar-rupee soared by 10 cents to 41.30(selling), tracking U.S dollar strength globally.
13:00 - EUR - CPI (YoY)
16:30 - USD - Initial Jobless Claims
16:30 - USD - Philadelphia Fed Manufacturing Index (Jun)
18:00 - USD - Fed Chair Yellen Testifies