Global markets present a mixed macro landscape where easing underlying inflation and strong earnings coincide with persistent supply hazards and heavy technical resistance. In the United States, softer July CPI (3.4%) and PPI readings point to moderating price pressures, offering the Federal Reserve added policy flexibility even as headline inflation remains above target.

The Dollar Index hovered near a two-month low of 99.5 after soft retail sales, consumer sentiment, and inflation data reduced Fed hike expectations.

Eurozone inflation at 2.9% and Q2 growth of 0.4% supported expectations for another ECB hike in September.