US President Joe Biden will deliver his remarks on the Inflation Reduction of 2022.

Earlier in the day, the data published by the US Bureau of Economic Analysis (BEA) showed that the US economy contracted at an annualized rate of 0.9% in the second quarter. The US Dolar Index, which recovered toward 107.00 earlier in the day, retreated toward 106.50 during the American trading hours. 

On Friday, the BEA will release the Personal Consumption Expenditures (PCE) Price Index data, the Fed's preferred gauge of inflation.