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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD trades on the back foot, returning to the low 1.3500s, or two-week troughs, on Tuesday. Cable’s bearish price action follows decent gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.
EUR/USD now accelerates its daily correction, breaching below the key 1.1600 support level on Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite disappointing US data releases and amid persistent geopolitical concerns.
Gold drops to a nearly four-week low during the Asian session on Wednesday and is now looking to extend the fall further below $4,300 amid a bearish fundamental backdrop. The escalating Middle East conflict lifts crude oil prices to a fresh high since July 24, stoking inflation fears and reaffirming US Federal Reserve rate hike bets.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – scales higher for the third straight day – also marking the fifth day of a positive move in the previous six – and climbs to a fresh high since July 24 during the Asian session on Wednesday.
The US Dollar accelerates its advance against the precious metal in the American session on Tuesday, following news indicating United States forces launched attacks on Islamic Revolutionary Guard Corps targets in Iran, as reported by the US Central Command. Explosions were reported on Qeshm Island, around the Strait of Hormuz, and across southern Iran.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
