President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
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Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
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Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
LONDON, June 12 (Reuters) - The dollar edged lower for a second consecutive day on Wednesday on growing expectations of a U.S. rate cut next week while high-yielding currencies suffered due to ongoing trade tensions.
Against a basket of its rivals, the dollar edged 0.1 percent lower to 96.64 and just above a 2-1/2 month low of 96.46 hit last week.
Trade differences between the world's two biggest economies are starting to reflect in data with Chinese factory inflation slowing in May while recent comments by Fed officials have become increasingly cautious.
"The prospect of an unending trade dispute between the world's two largest economies is a nightmare scenario and, despite their respective government officials' comments, both the US and China are seeing a steady deceleration in their domestic growth," said Konstantinos Anthis, Dubai-based head of research at ADSS.
Those concerns have also undermined appetite for risky currencies with the Australian dollar weakening 0.3% versus the Swiss franc and the perceived safe-haven Japanese yen rising 0.2% against the dollar.
A Fed watch tool by CME assigns a 18% probability of a U.S. rate cut next week and a 68% probability of a cut in July.
Rising rate cut bets have also been helped by easing inflation pressures with underlying price pressures remaining muted. Core CPI inflation is expected to print at 1.9% in May compared to 2% in April.
"We do not expect todays CPI report to challenge the Feds view that inflation is currently 'subdued'," MUFG strategists said in a daily note.
The euro was broadly steady at $1.1360 and in close reach of a three-month peak of $1.1348 scaled on Friday.
The single currency was little affected by U.S. President Donald Trump's accusation that Europe was devaluing the euro, which has gained roughly 1.4% against the dollar so far in June. (Reporting by Saikat Chatterjee; Editing by Andrew Cawthorne)