News in Brief
Dollar at 15-month low
CNBC – The dollar hovered near a 15-month low on Friday and was set for its biggest weekly decline since November after softening U.S. inflation data fuelled investors’ bets that the Federal Reserve was close to the end of its rate hike cycle.
U.S. producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, data showed on Thursday, a day after data showed consumer prices rose modestly last month.
IMF loan helps Pakistan unlock another $5.6b
BLOOMBERG – Pakistan is set to draw in $5.6 billion in additional financing after securing a loan from the International Monetary Fund, a move seen as helping the South Asian nation avoid a default and boosting its foreign-exchange reserves.
The new funding includes $3.7 billion of commitments from bilateral, the IMF’s mission chief for Pakistan said.
IEA trims oil demand forecast
AFP – The IEA trimmed its forecast for 2023 oil demand for the first time this year as macroeconomic headwinds including higher interest rates bite, but still sees it reaching a record level thanks to China’s thirst for fuel.
The International Energy Agency now sees oil demand rising by 2.2 million barrels per days (mbd) this year, down from its previous forecast of an increase of 2.4 mbd.
Nevertheless, the Paris-based organisation which unites energy consuming nations, expects global demand to hit a record 102.1 mbd this year.