The dollar weakens as the euro inches higher

News of the day, Tuesday, May 24

Oil prices decreased more than $1 today as concerns over recession possibility and China’s COVID-19 strict lockdowns outweighed expectations of tight supply and an increase in fuel demand in the USA.

European shares decreased sharply today at the open, joining the global selloff. The pan-European STOXX 60 index fell by 1% after an increase of 1.3% yesterday.

The U.S. dollar decreased for the second day in a row after the ECB President Christine Lagarde chose not to introduce a rate hike of 50 basis points at the bank’s July meeting. The dollar index fell by 0.2%.

Shares slid globally today over concerns about global economic growth slowing. Nasdaq futures lost 2%, and S&P 500 futures slipped 1.25%.

The price of Brent crude is $110.50, WTI — $110.00, GBP/USD — 1.2488, EUR/USD — 1.0711, and gold costs $1858.00 per ounce.