U.S. Stock Futures Flat Ahead of July CPI Data 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
Australia Sets New Minimum Pay, Insurance Rules for Gig Workers 
Iran War Escalates as US, Houthis Target Ships Near Key Oil Routes 
Gold Price Holds Near $4,400 as Hormuz Risks and CPI Drive Markets 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
UK Economy Posts Surprise June Growth as World Cup and Hot Weather Lift Activity 
Yen Stabilizes After Intervention Slide as Australian Dollar Hits Eight-Week High 
Oil Prices Slide as OPEC, IEA Cut 2026 Demand Forecasts 
Singapore Raises 2026 GDP Growth Forecast as AI Demand Fuels Economy 
S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions 
Australia Housing Crisis Deepens as Worker Shortages Delay Homebuilding 
Oil Prices Rise as Hormuz Tensions Threaten Global Supply 
Trump Weighs Capital Gains Tax Cuts Ahead of Midterms 
Asian Stocks Rise as AI Chip Rally Lifts South Korea, Japan 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
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The U.S. dollar remained steady on Thursday as investors assessed the Federal Reserve’s interest rate outlook following U.S. inflation data that matched expectations. Meanwhile, elevated oil prices and renewed U.S.-Iran tensions added to uncertainty across global markets.
The U.S. Dollar Index traded around 100.03 in early European trading after gaining approximately 0.2% in the previous session. Traders remained cautious as they evaluated whether easing inflation pressures could influence the Fed’s policy decision in September.
U.S. consumer prices increased 0.1% in July, in line with economists’ forecasts. Annual inflation slowed to 3.4% from 3.5% in June. Core CPI, which excludes volatile food and energy prices, climbed 0.2% month-on-month and 2.5% year-on-year.
Following the inflation report, market expectations for a Federal Reserve rate hike in September weakened, with implied odds dropping to roughly 40% from 54% before the data was released. MUFG analysts said the figures could give policymakers room to keep rates unchanged, although the report may not be strong enough to significantly alter existing positions.
Investors are now looking toward upcoming U.S. producer price and retail sales data for additional clues about the Fed’s next interest rate move.
In currency markets, the Japanese yen remained under pressure. USD/JPY traded near a two-week high around 159.40 as investors continued monitoring the currency after Tokyo and Washington confirmed coordinated yen-buying intervention earlier this month. The intervention was aimed at slowing the yen’s decline after it reached its weakest levels in roughly four decades. The Australian dollar also weakened, with AUD/USD falling about 0.2%.
Geopolitical uncertainty provided another source of market volatility. Iran said efforts to revive an interim peace agreement with Washington had made no progress, with both sides accusing each other of failing to meet commitments related to reopening a crucial shipping route.
The tensions helped keep Brent crude oil near $89 per barrel, increasing concerns that sustained energy costs could fuel imported inflation, particularly across Asian economies.
