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Palladium rises as dollar continues to drop
Palladium prices rose on Tuesday, as the US dollar continued to fall against most of its peers, which lifts commodities and metals.
Investors turned to risky assets such as industrial metals and stocks, after the release of upbeat data that showed further recovery in the US economy.
US President Joe Biden revealed recently a massive plan to spend nearly $2 trillion on infrastructure.
The International Monetary Fund revealed its projections for the global GDP, which is expected to grow by 6%, thanks to the recovery from the Covid-19 pandemic and the lockdown restrictions.
The dollar index fell against a basket of currencies by 0.1% to 92.5 points as of 13:16 GMT, after it hit a high of 92.7 points and a low of 92.5 points.
Palladium June futures rose 0.5% to $2,667.5 an ounce as of 13:17 GMT, with a high of $2,699.7 and a low of $2,646.
US stocks resume rally after falling earlier
The main US stock indices edged higher on Tuesday, amid optimism about the US economy after the recent strong jobs report.
The International Monetary Fund revealed its projections for the global GDP, which is expected to grow by 6%, thanks to the recovery from the Covid-19 pandemic and the lockdown restrictions.
The IMF added that it expects US GDP to grow by 6.4% in 2021 compared to its previous estimates.
The IMF urged the US Fed for more transparency in its monetary policy, economic estimates and the decisions taken.
As for stocks, Dow Jones rose less than 0.1% or 2 points to 33,531 as of 14:18 GMT, Nasdaq rose 0.1% or 16 points to 13,721, and S&P 500 rose 0.1% or 5 points to 4,083.
Oil jumps more than 2% ahead of US inventories data
Oil prices rose 2% as the US market opened on Tuesday, and rebounded from a 2-week low, as the US dollar fell against its peers, amid expectations of strong demand outlook, ahead of preliminary data on the US crude inventories.
US crude rose 2.4% to $60.31 a barrel, after opening at $58.92, and hit a low at $58.65, and Brent crude rose 2.5% to $63.88 a barrel, after opening at $62.30, and hit a low of $62.09.
US crude lost 4% yesterday, and hit a 2-week low $57.65, and Brent crude futures fell 3.7% and hit the lowest level since March 25 at $61.28.
Yesterday's drop came after OPEC+ decided to gradually increase oil production starting May, in tandem with Saudi Arabia’s decision to ease its voluntary output cut.
The dollar index fell 0.1%, deepening its losses for the second straight day and hit a 2-week low at 92.53 points.
Oil prices are also being lifted by strong demand outlook, thanks to the huge fiscal and monetary stimulus packages all over the world, in addition to progress in Covid-19 vaccination programs.
The American Petroleum Institute will release its preliminary report on the US crude inventories, amid the US Energy Information Administration will release the official data on Wednesday.
Oil rebounds from 2-week low as dollar falls
Oil prices rose 2% on Tuesday, and rebounded from a 2-week low, as the US dollar fell against its peers, amid expectations of strong demand outlook.
US crude rose 2.0% to $60.05 a barrel, after opening at $58.92, and hit a low at $58.65, and Brent crude rose 2.0% to $63.55 a barrel, after opening at $62.30, and hit a low of $62.09.
US crude lost 4% yesterday, and hit a 2-week low $57.65, and Brent crude futures fell 3.7% and hit the lowest level since March 25 at $61.28.
Yesterday's drop came after OPEC+ decided to gradually increase oil production starting May, in tandem with Saudi Arabia’s decision to ease its voluntary output cut.
The dollar index fell 0.1%, deepening its losses for the second straight day and hit a 2-week low at 92.53 points.
Oil prices are also being lifted by strong demand outlook, thanks to the huge fiscal and monetary stimulus packages all over the world, in addition to progress in Covid-19 vaccination programs.