Breaking News: Dollar Falls Ahead of U.S. Inflation Report, Sterling Rises on BoE Rate Cut Expectations
As the world's best investment manager, I bring you the latest updates on the financial markets. The dollar saw a slight decline on Thursday as investors awaited the U.S. inflation report, while the British pound strengthened on diminishing hopes for an August rate cut from the Bank of England (BoE).
BoE Chief Economist Huw Pill emphasized that price pressures in the UK economy are persistent, sparking a rally in the pound. With the MPC having only one more set of data before their August meeting, the likelihood of a rate cut next month seems uncertain.
Meanwhile, the broader market saw the dollar trading sideways against major currencies as investors stayed cautious ahead of the inflation report. Expectations are for core inflation in the U.S. to have risen by 0.2% in June, with a 3.4% annual figure.
Fed Chair Jerome Powell's comments on interest rate decisions added to the speculation of a rate cut in September, further influencing market sentiment. With the possibility of a rate cut on the horizon, investors are closely monitoring key economic indicators.
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