U.S. stock indexes closed lower on Tuesday as investors grew more cautious ahead of CPI report and a meeting to discuss the U.S. debt ceiling.
U.S. stock indexes closed lower on Tuesday as investors grew more cautious ahead of CPI report and a meeting to discuss the U.S. debt ceiling.
The dollar edged up as traders wait for a clearer picture of the economic outlook and the Fed's likely rate-hiking path.
Gold was up 0.8% amid economic uncertainties. Oil prices ticked up on Tuesday, reversing a more than 2% drop earlier in the session.
Commodities
The EIA said growth in energy demand will help bring the global oil market into balance between the third quarter 2023 and the first quarter 2024.
It also forecasts U.S. crude production will rise 5.1% to 12.53 million bpd while fuel demand will increase 1%.
It cut its estimate for Brent and WTI prices by more than 7% each to $78.65 and $73.62 a barrel, respectively.
Biden administration plans to begin purchasing oil to replenish the Strategic Petroleum Reserve helped cover speculative short positions, said Robert Yawger, executive director of energy futures at Mizuho.
Forex
New York Fed President John Williams said inflation remains too high and that the central bank will raise rates again if necessary, even though the U.S. central bank dropped guidance about the need for future hikes.
Commerzbank analyst Carsten Fritsch wrote in a note that there is no scope for the Fed to implement rate cuts this year.
Kazuo Ueda said on Tuesday the BOJ will end its yield curve control policy and then start shrinking its balance sheet once prospects heighten for inflation to sustainably hit its 2% target.
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