Stocks remained steady on Tuesday in the face of the middle east uncertainty, whilst the much awaited, We Co. IPO, which had expected to command a $20 billion IPO was pulled.
Oil prices dropped on Tuesday on news that Saudi Arabia expects to be producing 11 million barrels of crude by the end of the month, enough to fully supply the market.
The Federal Reserve has injected billions of dollars into the US financial system. The first intervention in more than a decade as the central bank tried to reduce funding pressures caused by a sudden scarcity of cash.
On Tuesday, U.S President Donald Trump said his administration could seal a deal on trade with China before the U.S presidential election or an agreement could be reached days after voters go to polls.
EUR/USD the U.S dollar fell on Tuesday on the eve of an expected interest rate cut by the Federal reserve, whilst the euro grew stronger amid German Investor Confidence. The pair rose 0.4% to 1.1044.
USD/CAD rose 0.3% to around 1.3280 on the back of Canadian manufacturing sales falling unexpectedly to -1.3% in July compared to a revised fall of -1.4% in the prior month. This was exacerbated by falling oil prices, which also weakened the dollar.
Gold traded within a tight range throughout Tuesday as the market settled down to await the outcome of the Federal Reserve’s two-day policy meeting.
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