Oil price trades broadly unchanged, trying to snap a three-day losing streak.
The UK Marine reported that a vessel has been hit in the Red Sea by Houthi rebels.
The US Dollar Index hits rock bottom before bouncing a touch.
Oil trades sideways on Wednesday, following three sessions of sharp selloffs, after several news outlets reported that a tanker got hit in the Red Sea by Houthi rebels. Delta Tankers has confirmed that one of its vessels, Sounion, has been attacked and is suffering minor damage. This element is very unwelcome at the moment Hamas is considering the ceasefire proposal in Gaza that both Israel and the US have put on the table.
The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, is in a similar pattern as Crude Oil as it tries to snap this week’s losing streak. However, the DXY had to hit rock bottom in order to do so, giving up all gains for 2024 and literally falling flat on the year before a small bounce could occur. The main event this Wednesday is the Federal Open Market Committee (FOMC) Minutes release ahead of Jackson Hole on Friday, together with the Nonfarm Payrolls Benchmark Revision that will possibly change nonfarm data over one year up until March of this year.
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