|
US dollar gains ground after inflation data
AI Summary
- US dollar rose against major currencies after release of inflation data
- President Trump calls for Federal Reserve to cut interest rates
- Canadian dollar and Australian dollar both fell against US dollar in trading
The US dollar rose against most major currencies during today’s trading amid the ongoing tariff war, following the release of inflation data.
Data from the US Department of Labor released today showed that the Consumer Price Index (CPI) rose by 2.7% year-on-year in June, in line with expectations, while the core inflation index — which excludes food and energy prices — recorded a monthly increase of 0.2%, which was lower than expected.
Following the release of the data, President Donald Trump stated that the Federal Reserve must cut interest rates, and he renewed his criticism and attacks on Federal Reserve Chair Jerome Powell.
In terms of trading, the US Dollar Index rose by 0.6% to 98.6 points as of 20:08 GMT, recording a high of 98.7 and a low of 97.9.
Canadian Dollar
The Canadian dollar fell against its US counterpart at 20:24 GMT by 0.1% to 0.7291.
Government data revealed that Canada’s Consumer Price Index rose by 0.1% last month, in line with expectations, following a 0.6% increase in the previous reading.
Australian Dollar
The Australian dollar fell against its US counterpart at 20:24 GMT by 0.4% to 0.6516.
Thanks for your feedback.
Gold driven lower by stronger dollar, trade war development
Gold prices fell during Tuesday’s trading session amid a rise in the US dollar against most major currencies and ongoing trade tensions.
MoreCould the Middle East satiate the world's natural gas demand?
A report by Rystad Energy stated that the Middle East is rapidly advancing toward overtaking Asia to become the world’s second-largest natural gas producer by 2025, behind only North America. Gas production in the region has grown by about 15% since 2020, reflecting the efforts of regional countries to better utilize their gas reserves and boost exports to meet rising global demand.
MoreNASDAQ hits new record high after inflation data
Most US stock indices rose during Tuesday’s trading following the release of inflation data that aligned with market expectations.
More