Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
China to Inject $45 Billion Into State Financial Institutions 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Asian Stocks Mixed as Korean Chipmakers Rally 
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The U.S. dollar hovered near multi-year lows on Wednesday as markets weighed dovish remarks from Federal Reserve Chair Jerome Powell and concerns over the fiscal impact of President Donald Trump’s sweeping tax-and-spending bill. The dollar index, which tracks the greenback against six major currencies, edged up to 96.677 but remained close to Tuesday’s 16-month low of 96.373.
Powell, speaking at the European Central Bank’s forum in Sintra, Portugal, signaled a patient stance on interest rate cuts while leaving the door open for a potential reduction this month. Traders are now focused on Thursday’s U.S. non-farm payrolls report, following labor market resilience shown in the latest JOLTS data, which gave the dollar a modest lift.
The euro held firm at $1.1802 after peaking at $1.1829 overnight, its highest since September 2021. The Swiss franc remained strong, with the dollar trading at 0.7906 after hitting 0.7873—its weakest since January 2015. Sterling edged higher to $1.37435, nearing October 2021 levels.
Meanwhile, Trump’s recently passed Senate bill, projected to add $3.3 trillion to the national debt, raised concerns about ballooning U.S. fiscal deficits and bond issuance. Analysts say increased government spending could weigh further on Treasury markets and the dollar.
Additional pressure came from Trump’s criticism of Powell, including a handwritten note suggesting the U.S. interest rate should fall between Japan’s 0.5% and Denmark’s 1.75%, accusing the Fed Chair of being “too late” again.
Against the yen, the dollar inched up 0.1% to 143.59, recovering slightly from a 0.4% drop in the previous session.
Investors now await upcoming economic data to gauge the Fed’s next move and its impact on the dollar’s trajectory.
