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Dollar climbs amid lower rate hike bets
The US dollar rose today, Wednesday, after Consumer Price Index (CPI) inflation data for July in the United States matched economists’ expectations, despite market expectations of a reduced likelihood of Federal Reserve rate hikes in September. The 12-month inflation rate stood at 3.4%, compared to 3.5% in June, with core inflation reaching 2.5% annually. The probability of a rate increase in September decreased from 44% to 40%. Meanwhile, the market's focus has shifted to upcoming inflation and employment data, with expectations of a 56% chance of a rate hike in October. Additionally, rising oil prices bolstered the dollar amid market concerns over ongoing tensions in the Middle East.
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