G7 proposed price cap to limit Russian oil income
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Apart from a unilateral default on Russian bonds by western creditors, the Group of Seven nations proposed a price cap that would sharply limit its oil revenue. The sanction is aimed at lowering oil prices as well, but with China and India being the largest customers, it would be difficult to implement the price ceiling. On Tuesday, WTI oil futures closed at $109.57 a barrel, now returning to the $110 level.
GBP/USD traded flat at 1.2264, but briefly went to a week high of 1.2330. EUR/USD rose to 1.0583, with a high of 1.0613, as the Germany Harmonized Index of Consumer Prices will be released tonight. AUD/USD seesaw its way to a loss of 0.6923, and tomorrow's Australia Retail Sales figures for May is expected to decrease from 0.9% to 0.4%.
The USD/CAD pair had a closing price of 1.2878, losing 13 pips in the process. Gold Futures lost momentum and declined to 1,824.8 then stabilized at 1,825.
Last month's US Pending Home Sales beat market forecasts, with a 0.7% growth against a projected loss of -3.7%. Meanwhile, the market anticipated negative readings for Consumer Confidence and Gross Domestic Product, which will be announced tomorrow.
More information on Mitrade website.
GBP/USD ▶️
AUD/USD 🔽
USD/CAD 🔽
XAU 🔽
WTI 🔼
Apart from a unilateral default on Russian bonds by western creditors, the Group of Seven nations proposed a price cap that would sharply limit its oil revenue. The sanction is aimed at lowering oil prices as well, but with China and India being the largest customers, it would be difficult to implement the price ceiling. On Tuesday, WTI oil futures closed at $109.57 a barrel, now returning to the $110 level.
GBP/USD traded flat at 1.2264, but briefly went to a week high of 1.2330. EUR/USD rose to 1.0583, with a high of 1.0613, as the Germany Harmonized Index of Consumer Prices will be released tonight. AUD/USD seesaw its way to a loss of 0.6923, and tomorrow's Australia Retail Sales figures for May is expected to decrease from 0.9% to 0.4%.
The USD/CAD pair had a closing price of 1.2878, losing 13 pips in the process. Gold Futures lost momentum and declined to 1,824.8 then stabilized at 1,825.
Last month's US Pending Home Sales beat market forecasts, with a 0.7% growth against a projected loss of -3.7%. Meanwhile, the market anticipated negative readings for Consumer Confidence and Gross Domestic Product, which will be announced tomorrow.
More information on Mitrade website.