US Inflation Figures Announced

Annual consumer inflation in the US remained below expectations at 3 percent in June. Monthly consumer inflation in the country remained below expectations with 0.2 percent.

Core inflation reached 4.8 percent in June, below expectations.

Consumer inflation in the markets was expected to be 3.1 percent annually and 0.3 percent monthly in June. The core CPI was expected to be 5 percent per year.

Inflation was in line with expectations in May, reaching 4 percent annually and 0.1 percent monthly.

With these data, inflation in the USA fell to its lowest level in 2 years.

FED EXPECTATIONS CHANGE, GOLD PRICES RISE

Inflation data was seen as driving expectations about whether the US Federal Reserve (Fed) is nearing the end of monetary tightening. After the data, expectations about the possibility of a rate hike by the Fed were reduced.

After the data was announced, the dollar index fell sharply while gold prices rose. Following the US CPI data, an ounce of gold rose 0.7 percent to 1945 dollars.

Parallel to this rise, the gold gram saw its new all-time high at the 1936 TL level.

The daily loss in the dollar index, which was 101.2 before the data was released and measures the dollar against major currencies, hit 0.6 percent after the data was released, and the index fell to 100.7.

Following the release of the data, Brent crude rose to a 2.5-month high, breaking above $80.