Forex Today: Investors ignore Middle East tensions, shift focus to ECB rate decision | FXStreet

Forex Today reports steadiness in major currency pairs during Europe’s morning as traders await the ECB’s rate decision and US producer inflation data. US CPI rose 4.2% year-on-year in May, with core CPI up 0.2% month-on-month, while the USD Index softened slightly on the day but benefited from safe-haven demand. Oil prices cooled from Wednesday’s gains, with WTI near $88 a barrel. The ECB is expected to raise rates by 25 basis points after its policy meeting, with Lagarde’s comments closely watched. In other central-banking news, the Bank of Canada held rates at 2.25%. USD/CAD hovered above 1.3950, USD/JPY touched the high 160s, and EUR/USD traded near 1.1500 as markets awaited the ECB outcome.