July UK inflation data exceeds estimates, while mixed market moves see the dollar weaken and oil prices climb amid geopolitical tensions.
UK inflation picked up in July, with headline figures rising slightly above expectations while core prices remained steady. The data keeps pressure on the Bank of England as markets assess future policy moves amid persistent price pressures.
Euro area inflation was confirmed to edge higher in July, though no clear signs of second-round effects emerged, according to an ECB policymaker. US 10-year Treasury yields dipped 1 bps to 4.696%, contributing to a softer dollar in European trade. EUR/USD rose 0.2% to 1.1600, while USD/JPY fell 0.3% to 159.15.
Oil prices extended gains, with WTI crude up 0.8% to $85.60 and Brent crude rising 0.7% to $91.63. Gold climbed 0.8% to $4,369, while Bitcoin slipped 0.1% to $64,459. European equities showed little change, and S&P 500 futures remained flat amid lingering US-Iran tensions.