Oil prices are falling due to the escalation of the US debt ceiling situation and Russia’s statements about intending to reduce oil production within OPEC+.
Investors are skeptical about the swift recovery of the Chinese economy, which consumes approximately half of the world’s copper.
Oil prices reached $72 per barrel, earning approximately a 3% increase over the week – the first rise in the past month.
US President Joe Biden expressed confidence in preventing a US default, while Speaker of the House Kevin McCarthy stated that reaching an agreement this week is achievable.
In offshore trading, the yuan has fallen below the 7-dollar mark for the first time since December, due to discouraging economic indicators in China.
This impressive growth has been made possible by active foreign purchases and improvements in corporate governance within the country.
The Turkish lira is facing significant pressure due to political uncertainty. Traders are bracing for potential market volatility.
The data released on Thursday has fueled optimism in the financial markets.
The Chinese yuan is losing ground against the currencies of its main trading partners, which may indicate an upcoming devaluation.
American indices and global stocks continue to trade in narrow ranges.