Oil prices were steady on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. Brent crude was up 5 cents to $66.79 a barrel at 0901 GMT, while U.S. West Texas Intermediate crude was up 4 cents to $65.15 a barrel. The market's main focus is the 411,000-barrel-per-day production hike that OPEC+ is expected to announce for August in a meeting on July 6, said Saxo Bank analyst Ole Hansen, adding that this was partially offset by potential trade deals improving the demand outlook. "The market is now...
The Pound is accelerating its uptrend on Tuesday, unaffected by rather downbeat UK manufacturing PMI data. US Dollar weakness is driving markets today with tariff uncertainty, renewed concerns about the US fiscal health, and rising bets on Fed cuts crushing demand for the US Dollar. UK manufacturing activity has remained steady at 47.7 in June, but new orders, employmen,t and output declined from the previous month and pointing to further contraction in the coming months. US debt, hopes of Fed cuts are hammering the USDThese figures, however, have failed to curb Sterling's rally. The...
The EUR/USD pair keeps marching higher for the tenth consecutive day. The pair is trading with minor gains around the 1.1800 level at the moment of writing on Tuesday, ahead of the Fed Chairman's speech on the central bankers' meeting in Sintra, Portugal and US Manufacturing and Job Openings figures. The common currency appreciated earlier today, fuelled by an unexpected improvement in the Eurozone preliminary HCOB Manufacturing PMI and better-than-expected German Unemployment figures, while June's Consumer Prices Index (CPI) remained fairly steady. The Greenback remains on the defensive,...