Bank of England Chief Economist Huw Pill said earlier this month that it was an open question whether the BoE would cut interest rates on Aug. 1, despite inflation returning to its 2% target, as underlying price pressures showed “uncomfortable strength”.
“The dollar losses from the softer June CPI report have now been erased in most USD crosses, with JPY, CHF and GBP standing out as a few key winners,” said analysts at ING, in a note.
Oil prices fell to a six-week low on Tuesday, with Brent closing at its lowest level since June 9 on ceasefire talks between Israel and Hamas in a plan outlined by U.S. President Joe Biden in May and mediated by Egypt and Qatar.
Bitcoin came under pressure from increased uncertainty over the U.S. presidential race, especially after President Joe Biden dropped his reelection bid and endorsed Vice President Kamala Harris.
General Dynamics reported an 18% rise in second-quarter revenue on Wednesday, helped by higher demand for its ammunitions and nuclear-powered submarines and a 50% year-on-year jump in revenue from business jets.
