US CPI data released on Tuesday showed inflation accelerated in June due to tariff-induced inflation, leading to a rise in the Dollar and Treasury yields. Focus now shifts to PPI numbers. In the UK, CPI also accelerated, but traders still expect a rate cut from the BoE in August. On Wall Street, stocks pulled back while gold surrendered to dollar strength. Fed Chair Powell’s patience on interest rates seems justified as PPI numbers are awaited for further clarity on tariff impact on inflation. BoE is expected to cut rates in August despite rising inflation. Stocks slide due to sticky inflation, while gold and Bitcoin retreat.

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