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Market focus turns to PCE
The dollar dipped slightly as markets awaited key inflation data, with a 63% chance of a rate cut by November, according to the CME FedWatch Tool.
Gold traded near $2,341, stable after a 1% rise on Monday due to geopolitical tensions; big banks see an upward trend despite hawkish Fed comments.
Oil prices rose over 1% in thin trading, supported by optimism for increased summer fuel demand in the U.S.
WTI increased to $78.70, marking its third consecutive day in the green, while Brent climbed to $82.96.
Gold
Gold continued to trade in a tight range near $2,341 after rising 1% on Monday on rising geopolitical tensions.
Big banks still believe that gold prices although dented by the recent hawkish statements from Fed officials, it's still on an upward trajectory.
In currencies
The dollar dipped slightly today, as markets anticipate key inflation data from major economies later this week, which could influence the global interest rate outlook.
Traders are pricing in about a 63% chance of a rate cut by November, according to the CME FedWatch Tool.
Oil prices
Oil prices saw a rise of more than 1% in thin trading due to holidays in the UK and the U.S., driven by optimism for increased fuel consumption with the onset of the U.S. summer driving and vacation season. And in anticipation of the upcoming OPEC+ June 2 meeting.
WTI rose to $78.70 in the green for the third consecutive day while Brent rose to $82.96.
