Currency markets treaded water in cautious trading on Thursday as investors weighed a fresh surge in oil prices and global bond yields, while the yen’s powerful rally also took a breather ahead of U.S. PPI and inflation readings.
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The dollar ticked higher against major currencies on Thursday, reversing some of this week’s losses triggered by rising oil prices and global bond yields, while the euro fell after the European Central Bank delivered an expected rate increase.
The ECB raised interest rates on Thursday for the second time this year, seeking to quell an energy-driven rise in inflation triggered by the Iran war.
The euro was down 0.02% against the dollar at $1.1629. Against the Swiss franc, the dollar strengthened 0.16% to 0.8112.
The dollar index rose 0.09% to 98.91, on track to snap three straight sessions of losses.
