Dollar stabilizes before key Middle East data
The article discusses the performance of the US dollar amidst Middle Eastern tensions and the market's anticipation of US inflation data, which will influence interest rate expectations. The dollar index showed a modest increase of 0.1%, reaching 99.89 points, as investors await the July Consumer Price Index report, expected to show a 0.1% rise after June's decline. The annual inflation rate is projected to remain around 3.4%, while futures contracts indicate the possibility of steady or rising interest rates at the upcoming Federal Reserve meeting. Despite this, the yen depreciated against the dollar despite joint interventions by the United States and Japan. Oil prices gained support following attacks on ships near the Bab el-Mandeb Strait, with Brent crude rising to $89.69. Cryptocurrency prices remained stable as markets awaited US data.
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