Brent approaches $95

US Consumer confidence hits a four-month low in September with the dollar still on top

By Nadia Elbilassy | @Nadia Elbilassy | 27 September 2023

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  • The U.S. dollar remained stable near 10-month highs amid worries about rising interest rates

  • U.S. futures rebounded after the Dow Jones experienced a significant drop, the worst since March.

  • Oil prices surged by over $1, approaching $95 per barrel, on concerns about winter supply shortages

Market watch of the day!

In currencies

On Wednesday, the U.S. dollar stabilized close to recently reached 10-month highs due to concerns about rising U.S. interest rates.

The Sterling fell to 1.2153, after touching 6-month lows of 1.2136 in Asian trading. The Aussie too fell on a higher inflation print for the month of August.

In Stocks

US futures rebounded after the Dow Jones took a beating yesterday by 400%, having its worst day since March.

On the data side, consumer confidence hit a four-month low in September, primarily attributed to rising prices and concerns about a recession, had a negative impact on sentiment.

In Commodities

Seems like oil prices are a step closer to 95 dollars per barrel as prices surged by over $1 today, driven by market concerns about tightening supply leading into the winter months and renewed optimism on soft landing for the US.

Brent crude jumped to $93.82, Meanwhile, WTI was near $91.73.