The U.S. dollar drew support from elevated Treasury yields on Wednesday, which in turn kept pressure on the yen after the latest U.S. inflation report showed signs that President Donald Trump's tariffs were beginning to feed into prices. Rising prices on goods as varied as coffee, audio equipment and home furnishings pulled the inflation rate higher in June, with substantial increases in prices of heavily imported items. That shored up the dollar and pushed bond yields higher on Wednesday as investors pared back expectations of Federal Reserve interest rate cuts this year. Against the...
The pound (GBP) attracted buying interest against other major currencies on Wednesday (July 16th) following the release of higher-than-expected UK Consumer Price Index (CPI) data for June. The Office for National Statistics (ONS) reported that headline inflation rose to 3.6% year-on-year, the highest level since January 2024. Economists had expected a steady 3.4% growth. Core CPI – which excludes volatile items such as food, energy, alcohol, and tobacco – rose 3.7%, faster than expectations and the previous figure of 3.5%. On a monthly basis, headline CPI grew by 0.3%, also faster than...
Oil prices were steady on Wednesday (July 16), as signs of rising Chinese crude consumption were offset by investor caution about the broader economic impact of US tariffs. Prices have fluctuated within a tight range, as signs of steady demand from increased travel during the Northern Hemisphere summer season have competed with concerns that US tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures fell 17 cents, or 0.3%, to $68.54 a barrel at 08:44 GMT. US West Texas Intermediate crude futures fell 11 cents, or 0.2%, to $66.41. US President Donald...