Euro extends gains dueexpectations that ECB would lift rates sooner

The euro rose again on early Tuesday after news that global traders might revive their bets on ECB lifting interest rates in the near future. The common currency climbed by 0.4 percent closing at $1.2341.

As to other currencies, the British pound inched higher by 0.1 percent to $1.4035, after jumping to $1.4088 yesterday – its best level since February 16. The pound also gained support from the news that the European Union (EU) and Britain agreed a 21-month post-Brexit transition period.

Oil futures climbed in face of the ongoing geo-political tension between Saudi Arabia and Iran

The price of oil advanced on early Tuesday boosted by the tension in the Middle East. However, gains were somehow limited because of the weakness in global equities and rising crude production in the U.S. International benchmark for oil prices, London Brent crude, rose by more than 0.3 percent, or 21 cents, to finish at $66.26 a barrel. U.S. West Texas Intermediate (WTI) crude prices went 0.4 percent higher, or 25 cents, closing at $62.31 a barrel.

Global investors are currently concerned about the growing tensions between Iran and Saudi Arabia. There are also possibilities that the United States might impose additional sanction on Iran if President Trump decides that the United States withdraws from the nuclear agreement.

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