US rate forecast shifts dollar level
The dollar stabilized after a decline in expectations of a U.S. interest rate hike, as American inflation data showed a 0.1% increase in July. This reduced the likelihood of a rate increase to 40% in September, compared to 54% the previous week. The dollar index remained at 100, achieving a weekly gain of 0.4%. Meanwhile, the dollar traded against the yen at 159.44 yen, close to the 160 level that the market considers a red line after the U.S.-Japan joint intervention, which caused the exchange rate to drop from the highest level in four decades of 164. The euro remained steady at 1.1523 dollars, while the British pound slightly decreased by 0.05% to 1.3489 dollars. The Australian and New Zealand dollars also saw minor declines amid ongoing fluctuations in the U.S. currency in global markets.
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