CWG Markets: Iran's nuclear agreement led to a drop in oil prices US dollar fell sharply to welcome US Federal Reserve meeting minutes

20 May, 2021

The US dollar has four consecutive falls, hitting a new low in nearly three months. The US dollar index fell more than 0.4% and traded at 89.82, attracting investors away from the safe haven US dollar

 

The US dollar has four consecutive falls, hitting a new low in nearly three months. The US dollar index fell more than 0.4% and traded at 89.82, attracting investors away from the safe haven US dollar due to the rising risk appetite.

Spot gold rose 0.2% to $1870.67 an ounce after hitting its highest level since January 29. COMEX gold was flat at $1868.00/oz.

Oil prices fell from a two month high on Tuesday, with media reports saying the United States and Iran are making progress in restarting an agreement to restrict the latter's nuclear weapons development, which will boost crude oil supply. WTI crude oil futures fell 1.2% to $65.49/barrel; Ice Brent crude oil futures fell 1.1% to $68.71 per barrel.

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