Dollar steady ahead of CPI data
The dollar continued its stability as investors awaited the Consumer Price Index data, benefiting from its recovery in relation to long-term bond yields, amid increasing expectations for the release of these figures. Meanwhile, the British pound remained relatively steady against the dollar, registering at 1.3504 USD, while the euro declined by 0.09% to reach 1.1599 USD, amid defensive movements in oil markets and geopolitical tensions in the Gulf. Economic growth forecasts for the UK showed an increase of 0.4% in July, supported by the growth of the information technology and artificial intelligence sectors, as markets continue to await the Bank of England's decision on interest rates, which stand at 3.75%. Additionally, the ECB's decision to raise interest rates supported the euro, while markets are awaiting U.S. inflation data to determine the Federal Reserve’s future direction and monetary policy.
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