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Joe Biden: Seeing some signs of inflation moderating

Mohamed Abdelhamid 10 August, 2022 7:09 pm Forex Market, Market Update

US President Joe Biden said on Wednesday that Americans are seeing some signs that inflation may be moderating. “We could face additional headwinds in the months ahead,” Biden added. “We still have work to do but we’re on track.”

Earlier in the day, the data published by the US Bureau of Labor Statistics showed that the annual Consumer Price Index (CPI) declined to 8.5% in July from 9.1% in June.

The US dollar struggles to find demand following soft inflation data and the US Dollar Index was last seen losing 1.2% on a daily basis at 105.00.

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