Key Points
(Reuters) The dollar lost ground against its major peers on Wednesday, helping the euro to an eight-month peak, as the U.S.consumer price index showed inflation is subsiding, reinforcing expectations that Federal Reserve interest rate cuts are near...
U.S. CPI rose moderately in July and the annual increase in inflation slowed to below 3% for the first time since early 2021, adding to expectations for a rate cut next month, though likely less aggressive than markets hoped for...
The report adds to the mild increase in producer prices in July in suggesting that inflation is on a downward trend..
Sterling failed to gain on the weaker dollar and was last down 0.02% at $1.2854 after data showed the rise in British consumer price inflation was smaller than expected in July as services prices closely watched by the Bank of England rose less rapidly...
EUR/USD on track for its highest close of the year and the U.S. Dollar Index breaking down, the greenback may remain under pressure from here.. (Reporting by Laura Matthews in New York and Kevin Buckland in Tokyo and Sruthi Shankar in Bengaluru; Editing by Kim Coghill, Ana Nicolaci da Costa, Emelia Sithole-Matarise and Jonathan Oatis)..
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