The Australian dollar declined to around $0.648 on Tuesday, pulling back from a six-month high reached in the previous session, as investors adopted a risk-off stance in response to mounting global economic and trade uncertainties. Markets remained focused on fiscal developments in the US and shifting tariff policies under the Trump administration, which have contributed to increased market volatility. Traders also braced for key inflation data in Australia this week, which could prove pivotal in shaping the Reserve Bank of Australia's policy trajectory. Last week, the RBA lowered its...
Oil prices slipped for a second session on Tuesday on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week. Brent crude futures shed 24 cents, or 0.4%, to $64.50 a barrel by 0507 GMT, while U.S. West Texas Intermediate (WTI) crude was down 29 cents, or 0.5%, at $61.24 a barrel. The WTI contract did not settle on Monday because of the U.S. Memorial Day holiday. "Crude oil edged lower as the market contemplated the outlook for rising OPEC supply," Daniel Hynes,...
The USD/CHF pair recovers some lost ground to near 0.8220 during the early European session on Tuesday. However, the potential upside for the pair might be limited amid the concerns over the mounting US national deficit. Traders await the US Conference Board's Consumer Confidence report, which is due later on Tuesday. Also, Durable Goods Orders and the Dallas Fed Manufacturing Index will be published. As a small and open economy, Switzerland is heavily dependent on the health of the neighboring Eurozone economies. The broader European Union is Switzerland's main economic partner and a key...