Globally, Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth. Brent crude rose 7 cents to settle at $86.47 a barrel. The dollar was steady on Friday as traders wagered that the Federal Reserve is done with rate hikes after data showed U.S. consumer prices increased moderately in July, while the yen was flirting with the psychologically key 145 level. Overnight, data showed the U.S. consumer price index rose 0.2% last month, matching the gain in June, with the CPI climbing 3.2% in the 12 months through July. Economists polled by Reuters had forecast the CPI would rise 0.2% last month and by 3.3% on a year-on-year basis. The dollar index, which measures the U.S. currency against six rivals, eased 0.078% to 102.54, but was on course to clock gains for the fourth straight week. Global shares and the dollar edged higher on Thursday after U.S. consumer price inflation moderated in July and boosted hopes the Federal Reserve is near the end of its rate-hiking cycle, but investors remain wary over data due to arrive before policymakers meet next. Treasury and European bond yields also wobbled, with the U.S. 10-year benchmark last up 9.1 basis points at 4.098%, above the 4.0% floor it has mostly held since Aug. 1.Gold prices hovered near one-month lows on Friday. Spot gold edged 0.2% higher to $1,914.87 per ounce, but still traded near its lowest levels since July 7 seen earlier in the day. Indian Rupee in late session moved recovered from some losses, but likely pressured from strength in dollar index and concern over oil prices.
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