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Trump says the US has “total control” of the Strait of Hormuz
FXStreet also notes the US dollar faces only modest downside after US CPI matched expectations in July, a move that helped gold push to two-month highs.
US President Donald Trump said in a Truth Social post that the United States has “total control” over the Strait of Hormuz, highlighting the American naval presence near the Persian Gulf that he called “a wall of steel.” He added that the strategy leaves Iran with no way to contest it.
The post also included Trump’s comments on Iran’s finances and inflation, where he said Iran has “no money” and pointed to inflation at “300%” and rising, while dismissing Iranian statements as “fake news.”
Separate market commentary in the same coverage pointed to a modest downside in the greenback after US CPI readings matched consensus in July, with EUR/USD slipping back toward the 1.1550 region.
The report said gold rose to new two-month highs near $4,450 per troy ounce, attributing the move to a weaker US dollar and declining US Treasury yields following the latest inflation data.
Latest closeGold $4,430.80 ▲1.6%|EUR/USD 1.155 ▼0.1%