Tariff uncertainty reigns supreme
|The new week has started with tariff confusion along with some interesting resilience in crude prices, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Tariff confusion no barrier to gains
Now that the tariff deadline appears to have been pushed back to August, it looks like the US administration remains very lukewarm about actually implementing fresh levies. Leaving the potential for tariffs on the table gives Trump some leverage, and lets him talk a good game, but without the damage that would be inflicted by actually implementing them.
Oil prices rally despite OPEC+ production hike
Many might have thought that the news of OPEC’s production increase would be the final straw for crude, prompting a fresh break lower, but that has proven to be incorrect. How a market reacts to news is always an important tell, and crude’s strength today suggests that buying momentum is clearly picking up. The bearish theme that has dominated for so long seems to have run its course, even if more increases are expected in September.
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