The dollar index strengthened as traders awaited comments from Federal Reserve officials for further clues on central bank policy after low inflation figures raised expectations for an interest rate cut next month. The Bloomberg Dollar Spot Index was little changed after a 0.4% decline on Tuesday. Chicago Fed President Austan Goolsbee and Atlanta Fed President Raphael Bostic are scheduled to speak later in the day. "The recent consolidation of the U.S. dollar in Asia reflects markets carefully considering incoming data and evolving policy signals," said Shier Lee Lim, head of macro strategy...
Gold edged higher on Wednesday (August 13th), supported by a weaker dollar after weak US inflation data reinforced speculation of a September interest rate cut, while investors focused on this week's US-Russia talks on the war in Ukraine. Spot gold rose 0.2% to $3,351.46 per ounce, as of 02:39 GMT. US gold futures for December delivery rose 0.1% to $3,401.60. "The weaker USD is allowing for a modest rise in gold prices, with the precious metal oscillating around the $3,350 level ahead of the Trump-Putin meeting on Friday," said Tim Waterer, chief market analyst at KCM Trade. "If the Alaska...
GBP/USD remained stable after posting a 0.5% gain in the previous session, trading around 1.3500 during the Asian session on Wednesday (August 13). The pair strengthened further as the US dollar (USD) weakened, driven by the latest US inflation data, which reinforced expectations of a Fed rate cut in September. The US Consumer Price Index (CPI) rose 2.7% year-on-year (yoy) in July, matching the 2.7% increase recorded in the previous month and below expectations of a 2.8% increase. Meanwhile, the annual core CPI rose 3.1% in July, compared to the 2.9% increase recorded in June, above market...