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The US dollar weakened again today as continued signs of cooling inflation diminished expectations for further interest rate hikes. The Dollar Index fell to its lowest level in several days as July’s CPI data reinforced the trend of declining inflation.
Key economic indicators will be released today in the US, including retail sales, manufacturing activity, jobless claims, and housing data. Additionally, several Federal Reserve officials will be speaking.
The euro strengthened against the dollar, reaching its highest point this year, driven by the dollar’s weakness. The British pound declined as investors anticipate potential interest rate cuts from the Bank of England following recent inflation data. The UK will release several economic reports today, including GDP growth and industrial production figures.
The Japanese yen traded sideways against the dollar, with the country’s GDP data being the main focus for the day.
The Australian dollar gave back some of its recent gains as investors await inflation expectations and jobs data.
Oil prices fell for the second day in a row due to easing geopolitical tensions and concerns about global demand.
Gold and silver prices dropped as investors reevaluated the Federal Reserve’s monetary policy outlook.
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