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US consumer confidence improves in May
After three consecutive months of decline, US consumer confidence surpasses expectations to 102 vs 96 expected.
The dollar strengthened ahead of key inflation data and rising Treasury yields after a weak debt auction.
WTI hovered near $80 on expectations of OPEC+ maintaining production cuts of about 2.2 million barrels per day.
The euro fell to $1.0850 but remained on track for nearly a 2% gain in May; the pound was last at $1.276, also set for a 2% gain.
In currencies
The dollar strengthened ahead of key inflation data expected this week and as markets reshuffled expectations on rate cuts. Additionally, treasury yields lifted the USD on dented demand in a debt auction of of two-year and five-year notes, which cast doubt on the demand for U.S. government debt.
Against the dollar, the yen weakened to its lowest point in four weeks. While the euro fell to $1.0850, though it remained on track for almost a 2% gain for the month, marking its first monthly gain in 2024. The British pound was also heading for a 2% increase in May, last seen at $1.276.
Meanwhile the yen reached a four-week low of 157.41 per dollar.
Data released on Tuesday indicated that U.S. consumer confidence unexpectedly improved in May after three consecutive months of decline. The CB consumer confidence index rose to 102 vs 96 expected and 97.5 in April.
Oil prices
WTI hovers near the 80-dollar mark on output cut expectations by OPEC+ on Sunday. Brent continued rising to the upside after rising more than 1% the previous day.
its Widely expected that OPEC+ including Russia will maintain voluntary production cuts totaling about 2.2 million barrels per day.
