WTI crude rose more than 1% to $74 a barrel on Tuesday, boosted by supply risks in Libya despite concerns over potential U.S. trade tariffs. Protesters have demanded the closure of two key Libyan ports, Ras Lanuf and Es Sider, threatening significant disruptions to crude exports. The shutdown could affect hundreds of thousands of barrels starting Tuesday. Meanwhile, President Trump has expressed support for higher tariffs of 2.5% on foreign-made goods, including steel, aluminum and copper. This follows a 2% drop in crude prices on Monday due to weak Chinese manufacturing data and global...
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, extended its gains on Tuesday, consolidating above the psychological 108.00 level. Market sentiment soured after renewed concerns over tariffs and weak US economic data, including lower-than-expected Durable Goods Orders and declining Consumer Confidence. Despite these headwinds, the DXY managed to hold above its recent lows, signaling some resilience.Treasury Secretary Scott Bessent proposed incremental tariffs on all US imports, starting at 2.5%, triggering risk aversion in...
The Pound Sterling (GBP) faces pressure against its major peers in Tuesday's North American session. The British currency trades cautiously despite United Kingdom (UK) Prime Minister Keir Starmer's positive commentary on the economic outlook in an interview with Bloomberg on Tuesday. Starmer said that the number one priority of the Labour government is "growth" and the economy is starting to "turn around." On the outlook of trade relations with the United States (US), Starmer commented: "We've got a huge amount of trade between our two countries already and the base is there for even better...