Home Daily Commentaries WTI drops below $59

WTI drops below $59

Daily Currency Update

USD - United States DollarThe US Dollar Index is consolidating today following Monday’s sharp rally on the back of strong US Manufacturing PMI data. There are no major data releases today, leaving the dollar to trade along with broader risk appetite. Trade talks between the US and China will restart following the meeting between President Trump and President Xi over the weekend at the G20 in Osaka. WTI dropped below $58 after OPEC’s decision to extend output cut for nine more months.

Key Movers

Market participants continues to digest the trade truce between the US and China at the G20 meeting over the weekend. With no major data scheduled for release today, focus will be Tomorrow’s Trade Balance data as well as Non Manufacturing PMI data.

Expected Ranges

  • USD/CAD: 1.3100 - 1.3150 ▼
  • EUR/USD: 1.1275 - 1.1321 ▲
  • GBP/USD: 1.2606 - 1.2648 ▼
  • AUD/USD: 0.6959 - 0.7000 ▲
  • NZD/USD: 0.6656 - 0.6681 ▼