Oil prices rose 1% on Tuesday, helped by a weaker U.S. dollar, although gains were capped by growing concerns about a U.S. slowdown and the impact of trade tariffs on global economic growth. Brent crude futures were up 73 cents, or 1.05%, at $70.01 a barrel by 1116 GMT after falling in early trading. U.S. West Texas Intermediate crude futures were up 66 cents, or 1%, at $66.69 a barrel after also falling earlier. Both benchmarks closed 1.5% lower in the previous session. The dollar index (.DXY), opens new tab , hit a four-month low, making oil cheaper for overseas buyers. Investors are...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, hit a low not seen since October 2024. The index was trading above 103.50 at the time of writing on Tuesday. The greenback faced headwinds on early European comments from Germany's Green coalition, who were said to be back on track to reach a deal on a German defense spending bill. This pushed the US Dollar (USD) lower and supported the Euro (EUR). On the economic data front, the US JOLTS Job Openings report for January will be the main focus. Traders are already gripped by recession fears,...
The US Dollar (DXY) continues its downward spiral on Tuesday, with DXY hovering near 103.40 as trade tensions escalate. United States (US) President Donald Trump's decision to hike tariffs on Canadian steel and aluminum to 50% rattled markets, adding further pressure on the Greenback. Meanwhile, in Europe, Germany's Green coalition voiced support for a defense spending bill, providing an additional boost to the Euro (EUR). US equities erased earlier gains, with the Dow Jones down over 1%, reflecting broader market concerns.Trade dispute and policy shiftsThe US-Canada trade rift intensified...
Oil prices edged slightly higher on Tuesday, helped by weakness in the dollar but capped by mounting concerns over a U.S. slowdown and the impact of tariffs on global economic growth. Brent crude futures settled 28 cents, or 0.4%, higher at $69.56 a barrel after falling as low as $68.63 in early trade. U.S. West Texas Intermediate crude futures gained 22 cents, or 0.3%, to $66.25 a barrel after previous declines as well. Both benchmarks closed 1.5% lower in the previous session. Stocks, which crude prices often follow, were flirting with a correction after slumping on Monday when the...
Gold (XAU) rallied on Tuesday as the trade war spurred demand for the yellow metal due to its safe-haven appeal. Upbeat United States (US) jobs data was ignored by traders, who continued to pile on Bullion. XAU/USD is trading at $2,917, up over 1%. Sentiment has recently improved as Canada and the US de-escalated the threat of imposing tariffs. Concerns about an economic slowdown in the US exert downward pressure on US Treasury yields and the Greenback, which is a tailwind for Bullion prices. Meanwhile, Trump's trade tariffs on aluminum and steel imports will go into effect on Wednesday....