USD/EUR Price Today: Dollar Holds Near 0.86 Euro as Oil Shock, U.S. CPI Box In Traders
The USD/EUR hovered close to 0.86 on Wednesday, translating to about $1.1615 per euro in EUR/USD terms, with traders sticking to the dollar for safety ahead of new U.S. inflation figures. Early in the session, the euro tried for a lift but couldn’t sustain momentum, slipping back toward the $1.16 area during European hours. This shift is hitting funding markets and central-bank expectations directly. The three-month euro-dollar cross-currency basis swap — a money-market measure tracking demand for dollars — slid to 0.625% from roughly 6.4% late Monday. That's the lowest level since April 2025. Meanwhile, the euro has dropped about 1.5% against the dollar since the Feb. 28 attack on Iran.