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WTI rises above $80.00 as US launches strikes, Iran disrupts shipping
West Texas Intermediate (WTI) oil price continues to gain ground, trading around $80.20 per barrel during the European hours on Tuesday. Crude oil prices rise due to rising supply concerns, which could be attributed to the escalating United States (US)-Iran tensions.
Australian Dollar: Waiting for Australian data before RBA – Commerzbank
Volkmar Baur at Commerzbank notes the Australian Dollar (AUD) has traded largely sideways, with markets waiting for clarity on Middle East developments and upcoming Australian labor and inflation data ahead of the August 11 Reserve Bank of Australia (RBA) meeting.
Forex Today: Eyes on US inflation data and Fed Chair Warsh testimony as Oil prices surge
Here is what you need to know on Tuesday, July 14:
Oil: Hormuz tensions drive price surge – ING
ING strategists Warren Patterson and Ewa Manthey highlight sharply higher Oil prices as US–Iran tensions escalate and vessel traffic through the Strait of Hormuz slows.
Australian Dollar treads water above 0.6900, amid the risk-off market mood
The Australian Dollar (AUD) posts moderate gains against the US Dollar on Tuesday, bouncing to the 0.6930 area from session lows near 0.6910.
British Pound: Advance has ended with range trade likely against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann highlight that GBP/USD gapped lower, dropping to 1.3343 and closing at 1.3346 as the Dollar firmed.
United States Dollar Index Price Forecast: Holds above 101.00 ahead of US CPI, Fed's Warsh
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, sticks to modest intraday losses through the early European session on Tuesday as bulls seem hesitant ahead of the latest US consumer inflation figures.
US Dollar: Data-dependent Fed stance and volatile pricing – BNY
BNY Markets’ John Velis and David Tam note that June Consumer Price Index (CPI) is expected to show softer headline inflation on lower energy, but recent events have lifted Oil prices again, complicating short-term forecasts.
Japanese Yen: Asset flows and valuation support – DBS
DBS Group Research economist Chang Wei Liang analyses long-term Japanese Yen valuation using DBS’s DEER framework, highlighting that JPY remains significantly undervalued near historically weak levels.
British Pound drifts higher to near 1.3350 ahead US CPI data
The GBP/USD pair gains ground to around 1.3355 during the early European trading hours on Tuesday.
Equities: Chip slump and oil surge weigh – Deutsche Bank
Deutsche Bank strategists report that US equities, particularly tech and semiconductor names, sold off as Oil prices spiked and AI-related sentiment softened.
Silver Price Forecast: XAG/USD trades higher around $58 in countdown to US CPI data
Silver price (XAG/USD) is up 0.75% to near $58 during the European trading session on Tuesday.
India WPI Inflation increased to 9.87% in June from previous 9.68%
India WPI Inflation increased to 9.87% in June from previous 9.68%