The dollar trends toward weekly loss despite lower expectations of US interest rate hike
The US dollar remained steady during today's trading on Friday, but is facing a potential weekly loss due to declining expectations of an interest rate hike following tame inflation data that indicates a slowdown in June's inflation. Meanwhile, geopolitical tensions between the United States and Iran supported demand for the dollar as a safe haven, with oil prices rising to their highest levels in nearly a month. Despite an increase in the US consumer confidence index, investors expect this improvement to be temporary due to rising gasoline prices resulting from the escalation in the Middle East. Meanwhile, European and Australian currencies are heading toward weekly gains amid global economic and political developments.
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