Crude Oil falls over 2% as Israel breaches Lebanon’s borders for a military operation.
Traders are sending Crude Oil lower with anticipations of a full-scale invasion being priced out.
The US Dollar Index jumps driven by Fed Chairman Powell’s cautious outlook over interest rate cuts and geopolitics.
Crude Oil slides lower on Tuesday, extending Monday’s losses, even as Israel began its ground incursion into Lebanon. Traders seemed to be expecting a much bigger or even full-blown ground offensive, which doesn’t seem to be the case. Rather, the incursion seems to be based on several special operations and very specific targets being taken out around border posts and villages in Lebanon, limiting the actual impact on other countries in the Middle East.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is enjoying some inflow on the back of comments from Federal Reserve (Fed) Chairman Jerome Powell. The Fed Chairman pushed back against calls for another big rate cut in November, pointing out that the Fed remains data dependent. On the docket for this Tuesday, Manufacturing data from the Institute for Supply Management and the JOLTS Job openings for August will shed more light on the state of the US economy.
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