Escalating
tensions in the Middle East and the coming testimony of the former FBI
director, British elections and a European Central Bank meeting all took
their toll on oil, the dollar and Asian stocks on Tuesday.
European
stocks were headed for a subdued start, with financial spreadbetter CMC
Markets expecting Britain's FTSE 100 and France's CAC 40 to open flat.
Germany's DAX is predicted to start the day down 0.1 percent.
Oil fell back following a brief recovery after Saudi Arabia and several other Arab states severed ties with Qatar, accusing it of supporting extremism and undermining regional stability.
Stocks in Qatar plunged more than 8 percent overnight to their lowest since January 2016.
U.S. crude was 0.5 percent lower at $47.18 a barrel on Tuesday, after falling 0.55 percent on Monday.
Global benchmark Brent retreated 0.4 percent to $49.26, extending Monday's 1 percent slide.
The dollar index touched a seven-month low ahead of testimony before the U.S. Congress from former FBI director James Comey on Thursday.
There will be intense interest in what Comey might say about his conversations with U.S. President Donald Trump about an investigation into former National Security Advisor Mike Flynn, who was fired for failing to disclose conversations with Russian officials.
The dollar index, which tracks the greenback against a basket of trade-weighted peers, fell to its lowest level since the November U.S. election. At 0524 GMT, it was down 0.2 percent, to 96.611.
The dollar slid 0.5 percent to 109.90 yen on Tuesday, close to the six-week low hit earlier in the session.
News on Monday of U.S. services sector activity slowing in May as new orders tumbled also hit the dollar.
The dollar further came under pressure from a stronger euro, on expectations the European Central Bank will take a less dovish tone than in the past at its Thursday meeting.
Oil fell back following a brief recovery after Saudi Arabia and several other Arab states severed ties with Qatar, accusing it of supporting extremism and undermining regional stability.
Stocks in Qatar plunged more than 8 percent overnight to their lowest since January 2016.
U.S. crude was 0.5 percent lower at $47.18 a barrel on Tuesday, after falling 0.55 percent on Monday.
Global benchmark Brent retreated 0.4 percent to $49.26, extending Monday's 1 percent slide.
The dollar index touched a seven-month low ahead of testimony before the U.S. Congress from former FBI director James Comey on Thursday.
There will be intense interest in what Comey might say about his conversations with U.S. President Donald Trump about an investigation into former National Security Advisor Mike Flynn, who was fired for failing to disclose conversations with Russian officials.
The dollar index, which tracks the greenback against a basket of trade-weighted peers, fell to its lowest level since the November U.S. election. At 0524 GMT, it was down 0.2 percent, to 96.611.
The dollar slid 0.5 percent to 109.90 yen on Tuesday, close to the six-week low hit earlier in the session.
News on Monday of U.S. services sector activity slowing in May as new orders tumbled also hit the dollar.
The dollar further came under pressure from a stronger euro, on expectations the European Central Bank will take a less dovish tone than in the past at its Thursday meeting.
No comments:
Post a Comment