Crude Oil prices remain buoyed by geopolitical concerns while European economy enters doom scenario
- Crude Oil remains trading at elevated levels on Monday after severe bombings in Lebanon during the weekend.
- European PMI data shows a substantial decline in Services and Manufacturing activity in the region.
- The US Dollar Index strengthens on Monday, with European investors heading into the safe haven Greenback.
Crude Oil starts the week at elevated levels and holds above $70 on Monday after Israel intensified its bombing of Lebanon’s key positions during the weekend. The heightened geopolitical concerns are expected to remain elevated on Monday. Meanwhile, European preliminary Purchase Managers Index (PMI) data for September reveal a severe nosedive in activity in both the Manufacturing and Services sectors, which could mean even less Oil demand is expected on the horizon for the region.
The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is being bought on Monday. Investors are fleeing away from the Euro and heading into safe havens such as the Greenback after the preliminary PMI data for September showed nearly all PMI indicators in Europe in contraction. The Euro might be poised for more downturn later this Monday, should the US PMIs outperform market expectations.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.