European bourses opened in the red on Tuesday morning after recording a bearish close yesterday on news that the U.S. imposed sanctions on Iran over the shooting down of an unmanned American drone last week.
President Donald Trump may have put off a military strike on Iran last week, but he did not hesitate to impose some highly restrictive sanctions on Iran late Monday. These “hard-hitting” sanctions will deny Iranian Supreme Leader Ayatollah Ali Khamenei and his office access to key financial resources, according to an NBC News report. US bourses are also seen opening in the red today with market focus being largely attuned to the U.S. central bank, with Fed Chair Powell due to speak later today.
Forex Preview: Dollar Extends Losses
The dollar hit a multi-month low against the euro and the yen on Tuesday on the prospects of monetary easing by the Federal Reserve while safe-haven currencies such as the Japanese Yen appreciated on increasing Middle East tensions. The USDCHF plummeted yesterday after weaker-than-expected Dallas Fed activity and we have seen some profit taking this morning. Elsewhere, the pound has recovered some of its previous losses this morning as the race to replace U.K. Prime Minister Theresa May nears an end. The GBP pair could continue to see some upside today with Boris Johnson the overwhelming favourite to become the next UK PM.
Oil Prices Lose Steam But More Bulls be Coming
Oil prices traded somewhat lower this morning as concerns over the outlook for crude demand weighed, however, prices could break higher later in the day as investors monitor the latest developments with the promised US sanctions on Iran. Meanwhile, a tentative OPEC meeting is on today’s agenda with market participants hoping for another output cut announcement for next week. The prospect of fresh cuts could also boost oil prices later today.
Gold Prices Add 1%, BTC Reigns Above $11K
Gold prices profited by the fresh risk-off wave this morning amid simmering Middle East tensions with XAU/USD last seen trading 1% higher, near six-year highs at $1432.85 as of 8:52 GMT. Alternative “safe haven” bitcoin rallied above $11,000 through the weekend, near a 15-month high. BTC/USD is now reigning the $11K range with BTC/USD last seen trading at $11305 as of 8:55 GMT this morning.
Watch the video here:
President Donald Trump may have put off a military strike on Iran last week, but he did not hesitate to impose some highly restrictive sanctions on Iran late Monday. These “hard-hitting” sanctions will deny Iranian Supreme Leader Ayatollah Ali Khamenei and his office access to key financial resources, according to an NBC News report. US bourses are also seen opening in the red today with market focus being largely attuned to the U.S. central bank, with Fed Chair Powell due to speak later today.
Forex Preview: Dollar Extends Losses
The dollar hit a multi-month low against the euro and the yen on Tuesday on the prospects of monetary easing by the Federal Reserve while safe-haven currencies such as the Japanese Yen appreciated on increasing Middle East tensions. The USDCHF plummeted yesterday after weaker-than-expected Dallas Fed activity and we have seen some profit taking this morning. Elsewhere, the pound has recovered some of its previous losses this morning as the race to replace U.K. Prime Minister Theresa May nears an end. The GBP pair could continue to see some upside today with Boris Johnson the overwhelming favourite to become the next UK PM.
Oil Prices Lose Steam But More Bulls be Coming
Oil prices traded somewhat lower this morning as concerns over the outlook for crude demand weighed, however, prices could break higher later in the day as investors monitor the latest developments with the promised US sanctions on Iran. Meanwhile, a tentative OPEC meeting is on today’s agenda with market participants hoping for another output cut announcement for next week. The prospect of fresh cuts could also boost oil prices later today.
Gold Prices Add 1%, BTC Reigns Above $11K
Gold prices profited by the fresh risk-off wave this morning amid simmering Middle East tensions with XAU/USD last seen trading 1% higher, near six-year highs at $1432.85 as of 8:52 GMT. Alternative “safe haven” bitcoin rallied above $11,000 through the weekend, near a 15-month high. BTC/USD is now reigning the $11K range with BTC/USD last seen trading at $11305 as of 8:55 GMT this morning.
Watch the video here:
