Oil prices edged up to their highest in two weeks on Tuesday as sanctions raised concerns about Russian and Iranian oil supplies and tensions in the Middle East escalated, outweighing concerns that trade tariffs would raise inflation and hurt global economic growth. Brent crude futures rose $1.13, or 1.5%, to settle at $77.00 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.00, or 1.4%, to settle at $73.32. That sent both crude benchmarks up for a third day and to their highest close since Jan. 28. "With U.S. pressure on Iranian exports and sanctions still squeezing...
The US Dollar Index (DXY), which measures the value of the US dollar against a basket of currencies, remained down for a second day after hearing remarks from the US central bank chief. Federal Reserve (Fed) Chairman Jerome Powell's testimony to Congress emphasized a data-driven approach, suggesting that interest rates will remain steady unless inflation or labor conditions change. This notion reduces the likelihood of a rate cut at the March meeting. The US Dollar Index struggled to maintain momentum, slipping below its 20-day Simple Moving Average (SMA) around 108.50. The Relative...
GBP/USD recovered on Tuesday (11/2) , ending a three-day losing streak and recovering to touch the 1.2450 level, up about two-thirds of a percent on the day. Global forex markets sold off the US dollar a bit as risk appetite recovered across the board, supported by a calm performance from Federal Reserve (Fed) Chairman Jerome Powell and expectations that US President Donald Trump's latest tariff threats will be averted by last-minute concessions, as has been the pattern since Donald Trump took over the White House. UK data remained thin throughout the mid-week session, but cable traders...