Forex Today: Inflation data from Eurozone and US to ramp up market volatility

Here is what you need to know on Friday, May 31:

Following the choppy action seen on Thursday, major currency pairs hold steady early Friday as investors gear up for key data releases. Eurostat will publish the Harmonized Index of Consumer Prices (HICP) and the US Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) Price Index for May. First-quarter Gross Domestic Product (GDP) data from Canada will also be watched closely by investors.

Although safe-haven flows continued to dominate the financial markets on Thursday, the US Dollar (USD) struggled to gather strength against its rivals as US Treasury bond yields corrected lower. After rising 0.5% on Wednesday, the USD Index fell 0.35% on Thursday before settling slightly below 105.00 early Friday.

US core PCE inflation set to steady as Federal Reserve rate cut for September hangs in the balance.

US Dollar PRICE This week

The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Euro.

USD   0.22% 0.16% -0.08% -0.04% -0.18% -0.23% -1.09%
EUR -0.22%   -0.08% -0.27% -0.25% -0.46% -0.54% -1.27%
GBP -0.16% 0.08%   -0.24% -0.20% -0.37% -0.40% -1.22%
JPY 0.08% 0.27% 0.24%   0.00% -0.12% -0.06% -1.04%
CAD 0.04% 0.25% 0.20% -0.00%   -0.16% -0.19% -1.11%
AUD 0.18% 0.46% 0.37% 0.12% 0.16%   -0.00% -0.86%
NZD 0.23% 0.54% 0.40% 0.06% 0.19% 0.00%   -0.87%
CHF 1.09% 1.27% 1.22% 1.04% 1.11% 0.86% 0.87%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick 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).

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