By CountingPips.com
The US dollar today has been trading mostly higher against its major currency rivals in the forex trading markets. The dollar has reached its highest trading level against the euro in over a month while also advancing against the British 
pound sterling, Swiss franc, Canadian dollar and Japanese yen. The American currency is trading close to unchanged versus the Australian and New Zealand dollars at time of writing.
Meanwhile, the American stock markets have been lower on the day with the Dow Jones industrial average decreasing by over 50 points to trade near the 10,199.99 level. The NASDAQ has edged lower by roughly 1 point while the S&P 500 has fallen by over 4 points to the 1070.60 level. Oil has declined by approximately $0.98 today to land at the $73.45 per barrel threshold while gold has declined by $5.70 to level at $1228.10 per ounce.
Canadian consumer prices rise
There was little in economic news released today with the highlights being consumer price data out of Canada. Canada’s consumer price index rose by 0.5% in July following a 0.1% decline in June, according to the report by Statistics Canada. The data just missed market forecasts that were expecting a 0.6% increase.
On an annual basis, the consumer price index is 1.8% higher than the July 2009 level following a 1.0% annual increase in June. Pushing the consumer price index higher was a 7.9% annual increase in energy prices.
Core consumer prices, excluding energy prices and other volatile items, rose by 1.6% on an annual basis over the July 2009 level while falling by 0.1% on a monthly basis in July from June. Core prices failed to surpass market forecasts that were looking for increases by 0.1% on a monthly basis and by 1.8% on an annual basis.
EUR/USD Daily Forex Chart – The euro falling against the dollar in forex trading today and touching its lowest level in five weeks. The EUR/USD registered a low today of 1.2663 and has pierced the rising trendline that began on June 7th as the pair trades at close to its 50-day moving average. The euro is on its way to losing ground against the dollar for a second straight week after gaining for the previous six consecutive weeks.
