Dollar climbs ahead of inflation report

The dollar rose modestly in Asian trading sessions, supported by tensions in vital waterways in the Middle East and market anticipation ahead of upcoming US inflation data that will determine the direction of interest rates. The yen declined to its lowest level in a month at 159.44 yen against the dollar, despite interventions from US and Japanese authorities to support it. Meanwhile, the euro and British pound remained steady, while the Australian and New Zealand dollars declined following political statements and market attention toward US inflation data set to be released today. Investors are focusing on the likelihood of the Federal Reserve raising interest rates in September. Additionally, oil prices edged slightly higher after attacks on ships in the Bab el-Mandeb Strait and the targeting of tankers off Pakistan, amid divisions over the potential path of interest rate hikes by the Federal Reserve.

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