Daily market news

West Texas Intermediate (WTI) oil price edges lower and is trading around $90.40 per barrel during Asian hours on Tuesday.

The US Dollar (USD) has started the week on the back foot, rapidly leaving behind Friday’s uptick and refocusing on the downside.

West Texas Intermediate (WTI) Oil edges higher on Monday as fresh attacks by the United States and Iran over the weekend add to already elevated supply concerns from the months-long war in the Middle East. At the time of writing, WTI trades around $91.15 per barrel, its highest level since July 24.

According to the Financial Times, Saudi Aramco’s Oil facilities in Jizan were hit on Monday. The extent of the damage is currently being assessed, the newspaper reported.

The Euro (EUR) is trading lower against the British Pound (GBP) following mixed Eurozone macroeconomic figures on Monday. The EUR/GBP pair is testing support at a previous resistance area, at 0.8585 ahead of the US session opening, after failing to find acceptance above the 186.00 area last week. 

Silver (XAG/USD) nudges lower on Monday, hitting session lows in the mid-$65.00s after a reversal from the $68.00 area.

The NZD/USD pair trades in negative territory near 0.5875 during the early European trading hours on Monday, pressured by a firmer US Dollar (USD). Traders raise their bets on a US Federal Reserve (Fed) rate hike in the September policy meeting following stronger-than-expected US jobs data. 

The Japanese Yen (JPY) trades flat against the US Dollar (USD) at around 156.00 at the start of the week, but is close to its four-month low of 155.23.

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and trades around the 1.3500 psychological mark during the Asian session on Monday. Moreover, spot prices hold above Friday's swing low, warranting some caution for bearish traders.

The Euro (EUR) trades marginally lower at around 1.1610 against the US Dollar (USD) during the Asian trading session on Monday. The major currency pair edges down as the US Dollar ticks up, with investors turning cautious at the start of the United States (US) Consumer Price Index (CPI) week.