Crypto
Dollar Stabilizes Amid Inflation Fears
The US dollar remained stable on Wednesday as traders waited for the critical July Consumer Price Index (CPI) report. The Federal Reserve's emphasis on combating inflation has market forecasters anticipating a 0.1% increase in headline CPI, reversing June's 0.4% decline.
According to Fed funds futures, there is an even split between rate hike and pause scenarios for the September meeting, with a 52% likelihood of maintaining current rates and a 48% chance of implementing a 25 basis point increase.
Cryptocurrency markets saw modest declines, with Bitcoin down 0.2% at $63,554 and Ether off 0.1% at $1,879. Crude oil advanced closer to the $90 per barrel mark amid escalating tensions in the Strait of Hormuz.