Dollar stood firm against six rival currencies

The dollar stood firm against its competitors on Tuesday, particularly against the sterling and the euro as these currencies were pressured by political worries in the United Kingdom and the Eurozone.

Sterling dropped 0.2% to $1.2816, moving back towards a three-week low of $1.2775 touched on Friday, while the euro slipped 0.3% to 1.1128 EUR. As for the dollar index, the dollar rose 0.2% to 97.659.DXY, pulling further away from a six-and-a-half month low of 96 reached last week.

The euro was on the defensive as worries about Greece’s financial situation also resurfaced. Greece’s creditors need to reach a deal on debt relief measures at the next meeting of Eurozone finance ministers in June to help the country return to the bond markets.

Oil slipped as American summer driving season starts

The aim of keeping oil prices above the $50 level ran out of steam on Tuesday despite the beginning of the driving season in the United States. U.S. West Texas Intermediate, or WTI crude futures, initially climbed above the price of $50 per barrel in early trading, but slipped back to $49.77 by 0336 GMT.

The American driving season refers to the demand for transport fuels, such as gasoline and diesel, for cars and busses and even jet fuel as families visit friends and relatives or go on vacation during the summer months. The driving season officially starts on the Memorial Day holiday.
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