TD Securities’ commodity team notes that Copper is seeing large CTA (Commodity Trading Advisors) selling as markets look past Strait of Hormuz supply risks and focus more on macro and demand-side weakness.
Commerzbank’s Carsten Fritsch notes that Brent has dropped back below USD 80, briefly touching USD 76.5, after the US allowed Iran to export oil and oil products until at least August 21.
Bank of England (BoE) policymaker Alan Taylor said on Tuesday that keeping interest rates on hold for an extended period remains the most appropriate policy response, according to the text of a speech due to be delivered at an event hosted by Barclays and the Center for Economic Policy Research.
United States Richmond Fed Manufacturing Index came in at 4 below forecasts (9) in June
Bank of Canada (BoC) Governor Tiff Macklem said on Tuesday that global imbalances are increasing and may risk financial stability.
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) retains a soft undertone despite a first modest gain versus the US Dollar (USD) in eight sessions, helped by firmer May Consumer Price Index (CPI) and steadier US–Canada spreads.
The flash estimate of the United States (US) S&P Global Composite PMI came in at 52.2 in June, better than the 51.5 posted in May.
United States S&P Global Manufacturing PMI above expectations (54.8) in June: Actual (55.7)
United States S&P Global Services PMI came in at 51.3, above forecasts (51) in June
United States S&P Global Composite PMI up to 52.2 in June from previous 51.5
ING analysts Warren Patterson and Ewa Manthey say Oil prices fell sharply after the US granted a 60-day waiver allowing Iranian exports, adding to pressure from rising flows through the Strait of Hormuz.
Silver (XAG/USD) slides more than 4% on Tuesday as the US Dollar (USD) climbs to near one-year highs after the Federal Reserve's (Fed) hawkish tilt at last week's monetary policy meeting reinforced expectations that interest rates will remain higher for longer.
