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The New Zealand Dollar is heading south against the USD for the sixth consecutive day on Tuesday. The pair extended losses below the 0.5700 line, weighed by the simmering trade tensions between the US and China, to hit fresh five-month lows at 0.5684.

Oil prices are trading almost flat this morning, with the market focused on Friday’s Trump-Putin meeting. OPEC’s expectations of increasing output to ease a supply shortfall next year further weighed on prices, ING’s commodity experts Ewa Manthey and Warren Patterson note.

Following the US President’s announcement on Monday night of a de-escalation in the tariff conflict with China, it was no surprise that the USD was able to recoup its losses from Friday. For weeks, we have been discussing when EUR-USD will finally break through the 1.18 level on a sustained basis.

Unless major USD-negative news comes from the US (macro or tariffs), we doubt the euro will stage any idiosyncratic rebound before getting any clarity on French politics, ING’s FX analyst Francesco Pesole notes.

Gold (XAU/USD) reverses an intraday slide to levels below the $4,100 mark and trades with positive bias during the first half of the European session, though it remains below the all-time peak touched earlier this Tuesday amid mixed fundamental cues.

The US benchmark West Texas Intermediate Oil has lost nearly $1 per barrel on Tuesday, retreating to levels near $58.00, right above the five-month lows of $57.90 hit last week, hammered by growing trade tensions between the US and China.The world’s two major economies have opened a new front in the