Forex
Middle East Conflict Sparks Inflation Reversal Fears
US inflation eased in June to 3.7% from the same period last year, according to the Commerce Department's Bureau of Economic Analysis.
The Personal Consumption Expenditures Price Index (PCE) had been expected to remain at 4.1%, which was the largest gain since April 2023.
However, the easing is likely temporary as renewed hostilities in the Middle East have caused oil prices to rise.
Brent oil prices are hovering just above US$90 a barrel, and average US gasoline prices have risen back above US$4 a gallon.