Good morning everyone!
Tuesday’s trading session was active and resulted in a downward pressure on commodities and sterling.
A commodity in particular that took a hit in Tuesday’s trading session is gold. The reason for this could be various, including dollar’s strength, a weakness in the oil price and also possibly the easing of the Chinese situation.
Oil also plummeted and could weaken even more today depending on the number that comes out for Crude Oil Inventories. Yesterday oil hit a new low of 29.93. Todays expected figure of oil supply which is due to be released at 3.30pm (GMT) is set as 2.504M. An oversupply of oil could see the price push further down.
The sterling was particularly weak yesterday following negative data with regards to the Manufacturing Production.