Analysts suggest that the upcoming US Consumer Price Index (CPI) report for June may indicate negative monthly growth, potentially alleviating market concerns about an imminent Federal Reserve rate hike. Matthew Weller, an analyst, highlighted that the market is keenly focused on whether inflation has peaked. The partial reopening of the Strait of Hormuz in late June contributed to a significant drop in energy prices, while the effects of the now-defunct "Liberation Day" tariffs from the Trump era may have already been absorbed by the market.