Brent crude has gained nearly 9 percent over the
last week though some analysts were skeptical about the durability of
the rally despite the proposed supply curbs.
"That is going to be easier said than done, it appears, with U.S. production running at its fastest pace since August 2015 and data yesterday confirming that Chinese growth momentum continues to moderate," ANZ strategists wrote in a daily note.
Chinese growth cooled in April according to a variety of economic indicators ranging from factory output to retail sales as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy.
In currencies, the U.S. dollar nursed deep losses after a weak manufacturing report trimmed expectations of a Federal Reserve rate increase next month, a key factor behind the dollar's gains in recent weeks. The New York Federal Reserve's barometer on business activity in the state unexpectedly fell in May, sinking into negative territory for the first time since October.
The euro edged up 0.2 percent to $1.0994 after gaining 0.4 percent on Monday. The dollar eased 0.3 percent against the yen to near 113.47, after rising 0.4 percent on Monday. The dollar was steady at 98.83 against a trade-weighted basket of its peers after falling more than 1 percent in the last three sessions.
Expectations of a rate increase in June fell to 74 percent compared to 84 percent last week, according to the CME Fedwatch. A risk-on undertone meant gold posted only meager gains with the precious metal changing hands at $1,233 per ounce.
"That is going to be easier said than done, it appears, with U.S. production running at its fastest pace since August 2015 and data yesterday confirming that Chinese growth momentum continues to moderate," ANZ strategists wrote in a daily note.
Chinese growth cooled in April according to a variety of economic indicators ranging from factory output to retail sales as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy.
In currencies, the U.S. dollar nursed deep losses after a weak manufacturing report trimmed expectations of a Federal Reserve rate increase next month, a key factor behind the dollar's gains in recent weeks. The New York Federal Reserve's barometer on business activity in the state unexpectedly fell in May, sinking into negative territory for the first time since October.
The euro edged up 0.2 percent to $1.0994 after gaining 0.4 percent on Monday. The dollar eased 0.3 percent against the yen to near 113.47, after rising 0.4 percent on Monday. The dollar was steady at 98.83 against a trade-weighted basket of its peers after falling more than 1 percent in the last three sessions.
Expectations of a rate increase in June fell to 74 percent compared to 84 percent last week, according to the CME Fedwatch. A risk-on undertone meant gold posted only meager gains with the precious metal changing hands at $1,233 per ounce.
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