Dollar edges higher ahead of European Central Bank, US inflation data
Oil futures rose 1.5% to US$102.72 a barrel as Gulf energy flows slowed sharply following the biggest wave of shipping attacks by Iran and the US since the war began.
The US dollar saw a slight gain on Thursday, recovering from recent losses driven by rising oil prices and global bond yields, while the euro remained near two-week highs before a European Central Bank (ECB) rate decision. Oil prices surged by as much as 1.5% to $102.72 a barrel following a significant wave of attacks on shipping by Iran and the US since their war began.
This, combined with inflation concerns, could push the European Central Bank to raise rates for the second time since the conflict started in late February. The dollar's resilience hasn't been as expected, as markets become less sensitive to oil shocks due to the ongoing war, while factors like global central bank tightening and interventionist US Treasury policies weigh on it.
The yen has gained over 6% since late July, trading at ¥154 per dollar, nearing seven-month highs as the Federal Reserve considers a rate hike on September 15-16 based on US inflation data.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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