The Dollar Index is showing some weakness during early Tuesday trading, amidst a low-liquidity market that is likely to continue until the conclusion of June’s Federal Reserve policy meeting tomorrow. No major shifts in monetary policy are expected to emerge from the gathering, however investors will be listening with interest, scanning for hints of inflation-related worries from bank officials. This will be the last big economic calendar event for dollar traders before summer takes over, so it is likely to set the tone for the next couple of months. The maintenance of the current dovish stance will probably weigh the dollar down, while any slips of the tongue suggesting the need to anticipate tapering are likely to propel the greenback to multi-week highs.
The oil price remained flat during early Tuesday trading, as the prospect of increasing supply from Iran faded. The markets have been looking with interest at the ongoing negotiations between the US and Iran, with the objective of reviving the nuclear agreement between the two countries, which could also mean the end of restrictions on Iranian oil sales. However, early losses in the price of crude were swiftly reversed following indirect negotiations between the two countries that have so far failed to bear any fruits, with observers considering that an agreement is far from imminent.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.