The US Dollar was at 102.81 at a downturn of 0.16% at 3:37 p.m. Brent crude was trading at $79.99 at a downturn of 1.30% at 3:39 p.m.
Oil prices dipped as the market weighed strong US economic data and the potential for an attack by Iran or its allies on Israel against a subdued demand forecast from China.
A series of US economic reports this week—covering inflation, jobless claims, and retail sales—has provided reassurance to investors, bolstering the view that the US economy might be entering a ‘Goldilocks’ period where inflation remains controlled without compromising growth.
All eyes will be on Jerome Powell’s speech at next week’s Jackson Hole meeting, as the market eagerly awaits insights into the Fed’s economic outlook, according to Pabari.
