Colombia 12-month inflation 4.90% in July
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Yahoo
3 minutes ago
- Yahoo
Dollar slips as investors eye September Fed cut
By Rae Wee SINGAPORE (Reuters) -The dollar weakened on Wednesday after a tame reading on U.S. inflation bolstered expectations of a Federal Reserve rate cut next month, with President Donald Trump's attempts to extend his grip over U.S. institutions also undermining the currency. U.S. consumer prices increased marginally in July, data showed on Tuesday, in line with forecasts and as the pass-through from Trump's sweeping tariffs to goods prices has so far been limited. Investors eyeing imminent Fed cuts cheered the data and moved to price in a 98% chance the central bank would ease rates next month, which in turn dragged on the dollar. Against the yen, the dollar was last 0.05% lower at 147.76, while the euro was steady at $1.1676, having risen 0.5% in the previous session. The dollar index last stood at 98.08, after falling roughly 0.5% on Tuesday. "The July CPI report showed less evidence of tariff pass-through to consumer prices...(but) I think a September rate cut is less than certain, probably not as certain as current market pricing," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "As the last payroll shows, one report can be sufficient to move the policy debate to one side or another. So I think we still have to wait until the remaining data to print before making a strong case about a rate cut or an on hold decision." U.S. Treasury yields similarly fell on the heightened rate cut expectations, with the two-year yield last at 3.7371%, having swung in a range of nearly 10 basis points on Tuesday. The benchmark 10-year yield was little changed at 4.2965%. [US/] Also eroding investor confidence in the dollar were fresh attempts by Trump to undermine Fed independence, after White House spokeswoman Karoline Leavitt said on Tuesday that the U.S. president was considering a lawsuit against Fed Chair Jerome Powell in relation to his management of renovations at the central bank's Washington headquarters. Trump has been at loggerheads with Powell and has repeatedly lambasted the Fed Chair for not easing rates sooner. The president also hit out at Goldman Sachs CEO David Solomon, saying the bank had been wrong to predict U.S. tariffs would hurt the economy and questioned whether Solomon should lead the Wall Street institution. Elsewhere, sterling gained 0.03% to $1.3504. Britain's jobs market weakened again though wage growth stayed strong, according to data on Tuesday, underscoring why the Bank of England is so cautious about cutting interest rates. "(The) UK jobs figures pointed to the labour market remaining in fragile shape," said Michael Brown, senior research strategist at Pepperstone. "My base case still has the next 25bp cut pencilled in for November, though there is a long way to go, and a lot of data to come, before then." In other currencies, the Australian dollar dipped 0.05% to $0.6526, while the New Zealand dollar fell 0.03% to $0.5953. The Reserve Bank of Australia on Tuesday cut interest rates as expected, and signalled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum. Sign in to access your portfolio
Yahoo
3 minutes ago
- Yahoo
Dow Jumps 400 Points, Nasdaq Hits Record High on Soft Inflation Data
Aug 12 - U.S stocks rally as investors cheer cooler inflation data and a bigger chance of Fed rate cuts. The Dow jumps more than 400 points while the S&P 500 and Nasdaq each rise roughly 0.8%, with the Nasdaq hitting a fresh intraday high. Traders now price a nearly 91% chance of a September rate cut after July's consumer price index comes in slightly below expectations. Small caps lead the push, the Russell 2000 outperforms as investors eye lower short-term borrowing costs. Circle Internet Group (NYSE:CRCL) jumps after reporting a 53% year-over-year revenue gain in Q2. List of 52-Week Lows List of 3-Year Lows List of 5-Year Lows Metals and mining names also rally: Cleveland-Cliffs (CLF) and Alcoa (AA) climb as XME hits multi-year highs. Apparel movers headline M&A chatter, Hanesbrands (HBI) soars on reports Gildan (GIL) nears an acquisition deal. On the media front, Sinclair (SBGI) pops after announcing a strategic review. The market also digests policy headlines, President Trump signals openness to scaled-back Nvidia (NASDAQ:NVDA) chips for China, and Intel (NASDAQ:INTC) draws attention after the president's recent comments about its CEO. With inflation cooling and the Fed meeting on deck, expect heightened volatility as traders reposition for rate relief. This article first appeared on GuruFocus.
Yahoo
33 minutes ago
- Yahoo
Japan's wholesale inflation slows for 4th month in July
TOKYO (Reuters) -Japan's annual wholesale inflation slowed for the fourth straight month in July, data showed on Wednesday, underscoring the central bank's view that upward price pressure from raw material costs will dissipate. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 2.6% in July from a year earlier, data showed, slowing from the previous month's 2.9% increase. It compared with a median market forecast for a 2.5% rise. The yen-based import price index fell 10.4% in July from a year earlier, following a revised 12.2% drop in June, the Bank of Japan (BOJ) data showed. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
