Australia's inflation rises as expected in December
Australia’s consumer prices rose 2.5% y/y in December as expected, beating estimates of 2.3%.
The data showcases the increasing pressure on the Reserve Bank of Australia’s policymakers, and reduced the odds of an RBA rate cut in the first quarter of the year.
Ripple bucks crypto trend and gains ground
Ripple rose on Tuesday as the risk appetite improvised on Wall Street, bucking the crypto trend with most cryptocurrencies exposed to a heavy selloff.
Earlier government data showed US consumer confidence fell to 104.1 in January from December’s 109.5, while analysts expected 105.7.
Later this week, the Federal Reserve will convene and discuss policies, and will likely hold interest rates unchanged.
Ripple
On trading, Ripple rose 2.4% as of 21:09 GMT on Coinmarketcap to $3.08.
US dollar climbs before Fed's meeting
The US dollar rose against most major rivals ahead of the Federal Reserve’s policy meeting.
Investors await Starbucks’ results later today, in addition to results by Meta, Microsoft, Apple, and Tesla for the fourth quarter later this week.
Earlier government data showed US consumer confidence fell to 104.1 in January from December’s 109.5, while analysts expected 105.7.
Later this week, the Federal Reserve will convene and discuss policies, and will likely hold interest rates unchanged.
On trading, the dollar index rose 0.5% to 107.9 as of 17:52 GMT, with a session-high at 108.05, and a low at 107.6.
Loonie
The Canadian dollar fell 0.1% to 0.6948 against its US counterpart.
Aussie
The Australian dollar fell 0.7% as of 18:04 GMT to 0.6249 against the greenback.
Oil rebounds on concerns about Libyan supply disruptions
Global oil prices rose in American trade on Tuesday with US crude recovering from four-week lows, while Brent rebounded from three-week lows amid concerns about Libyan supply disruptions.
Traders are now waiting for initial data on US crude stocks later today from the American Petroleum Institute, expected to show a buildup.
Prices
US crude rose 1.6% to $74.26 a barrel, with a session-low at $73.11.
Brent added 1.2% to $77.85 a barrel, with a session-low at $76.95.
On Monday, US crude lost 2%, plumbing a four-week trough at $72.42, while Brent lost 1.95% to $76.27 a barrel, the lowest since January 9, on Chinese demand concerns and higher risk aversion.
Libyan Supplies
Reuters reported that local Libyan protesters prevented the loading of crude oil in several major oil fields producing nearly 450 thousand bpd.
If such disruptions spread, which is not unusual given the current state of the Libyan landscape, the overall national output estimated at 1.4 million bpd could be threatened.
US Stocks
Later today, the American Petroleum Institute will report on US crude stocks last week, expected to show the second weekly buildup in a row, while tomorrow, the EIA will release the official report.