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Oil prices continued to decline in Asian trade
Both benchmarks fell less than 1% on Monday after U.S. Federal Reserve officials indicated they were waiting for more evidence of slowing inflation before considering interest rate cuts
Brent crude dropped to $83.14 a barrel, and WTI crude fell 58 cents, or 0.90%, to $78.64 a barrel, following cautious comments from U.S. Federal Reserve officials.
Most Asian stocks fell slightly as the Chinese market's stimulus-driven rally lost momentum and concerns over prolonged high interest rates dampened sentiment.
Hong Kong’s Hang Seng index was the worst performer, impacted by a sell-off in electric vehicle and technology stocks.
Oil
Oil prices continued to decline in Asian trade, on persistent U.S. inflation and higher interest rates to reduce consumer and industrial demand.
Both benchmarks fell less than 1% on Monday after U.S. Federal Reserve officials indicated they were waiting for more evidence of slowing inflation before considering interest rate cuts. Brent crude futures had dropped to $83.14 a barrel. And WTI crude fell 58 cents, or 0.90%, to $78.64 a barrel.
USD/CAD
The Canadian dollar has been under pressure, affected by its ties to US economic data and Federal Reserve rate expectations.
Markets expect a 25-basis point rate cut by the Bank of Canada in June, a forecast that has held for several months. This anticipated policy move is expected to reduce the Canadian dollar's attractiveness relative to other commodity-linked currencies.
Asian stocks
Hong Kong’s Hang Seng index was the worst performer of the day, hit hard by a sell-off in electric vehicle and technology stocks.
Other Asian stocks fell slightly on Tuesday as a stimulus-driven rally in Chinese markets lost momentum, and concerns over prolonged high interest rates also dampened sentiment.
