The US dollar continues to rise this morning, Wednesday, August 11th, for the fourth consecutive session, with gains estimated at 0.11%, and trading at 93.13 levels, at its highest level in three weeks, benefiting from rising expectations that the US Federal Reserve will hint at a date to reduce bond purchases in September at a conference Jackson Hole, which will be held at the end of this month.

The markets are awaiting the data of the CPI consumer price index, which is concerned with measuring inflation, today, Wednesday, in the American session, where the index is expected to decline by 0.5% in July, after the index recorded the fastest growth rate in 13 years in the June reading, when it recorded a growth of 0.9% and an increase in the annual index by 5.4 % .

The US Federal Reserve has been repeating and stressing that the inflation rises are a result of temporary conditions, and therefore any slowdown in price growth in July will prove the Fed’s view, and it is not expected to affect markets’ expectations that the US Federal Reserve will begin to reduce the pace of bond purchases amounting to 120 billion dollars per month in September, especially after data The US labor market exceeded expectations in July.

The statements of the US Federal Reserve members since the beginning of the week were mixed regarding the market expectations of the date of reducing bond purchases, as the Federal Reserve Chairman in Chicago Charles Evans believes that the Fed needs to wait for the announcement of strong employment data for several months before making any adjustment in the monetary policy. On the other hand, Rafael Bostik, Federal Reserve Chairman in Atlanta, believes that the US Federal Reserve has to move to reduce the size of its program after another month or two of the strong performance of the labor market, and therefore he believes that the appropriate time is between October and December.

On the other hand, the US Senate approved late in the session on Tuesday its plan for infrastructure, estimated at one trillion dollars, after obtaining 69 votes to 30 votes.

The euro against the US dollar is close to breaking its lowest level since the end of last March and breaking 1.17 levels by trading this morning at 1.1712 levels, while the Japanese yen is trading against the US dollar at 110.76 levels, declining for the sixth consecutive session, at its lowest level in five weeks.