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US open Stocks point to mixed open banks in focus
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WTI rebounds from weekly lows, looks to settle above $73
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May 25, 2021 12:41 GMTFXStreet News
USD/CAD is struggling to find direction on Tuesday.
US Dollar Index remains on the back foot below 90.00.
Falling crude oil prices limit commodity-sensitive CAD’s gains.
The USD/CAD pair is moving sideways in a very tight range on Tuesday. As of writing, the pair was virtually unchanged on a daily basis at 1.2040.
Focus shifts to US data
Although the greenback continues to have a difficult time finding demand, the poor performance of crude oil is not allowing CAD to outperform its American counterpart.
With the market mood remaining upbeat for the second straight day, the US Dollar Index is losing 0.22% at 89.65. Later in the session, the Conference Board’s Consumer Confidence Index and New Home Sales data from the US will be looked upon for fresh impetus.
5/4/2021 10:48:56 AM GMT | By Eren Sengezer
WTI continues to rise after closing in the positive territory on Monday.
Improving demand outlook is helping crude oil prices push higher.
Focus shifts to American Petroleum Institue s (API) Weekly Crude Oil Stock data.
The barrel of West Texas Intermediate (WTI) gained more than 1% on Monday as the latest PMI data from the euro area and the US revealed that the business activity in the manufacturing sector continued to expand at a robust pace.
Demand dynamics continue to drive oil prices
With large states in the US continuing to ease the coronavirus-related restrictions and Europe looking to allow international travel, crude oil prices continued to rise on the back of an improved demand outlook on Tuesday. As of writing, WTI was trading at its highest level since mid-March at $65.65, gaining 1.8% on a daily basis.
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