The U.S. dollar index (DXY) rose by 0.20% today amid a 3% increase in WTI crude oil prices, reaching a 3.5-month high and raising inflation expectations. Economic reports showed weekly initial unemployment claims decreasing by 1,000 to 206,000 and the Producer Price Index (PPI) for August increased by 5.4% year-over-year, above the anticipated 5.3%.
Conversely, August existing home sales fell 2.0% month-over-month to a 14-month low of 3.98 million. Market analysts are currently pricing in a 68% chance of a 25 basis point interest rate hike at the upcoming Federal Open Market Committee (FOMC) meeting on September 15-16.
In Europe, the euro declined by 0.14% as the European Central Bank (ECB) raised interest rates by 25 basis points to 2.50% and updated its GDP forecast for 2026 to 0.9%. Meanwhile, the Japanese yen fell 0.26% today, impacted by rising long-term yields and crude oil prices; however, market expectations suggest a 95% chance of a BOJ rate hike on September 18.
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