23.11. Crude oil & Asian stocks drop, dollar solid and hits new high on yen

News for today, November 23:

Asian stocks fell on Tuesday in response to Wall Street's decline, as traders became convinced of the speculation that U.S. rates will rise in 2022. This came after President Joe Biden appointed Federal Reserve Chair Jerome Powell to lead the central bank for a second term.

Oil prices fell on Tuesday, canceling gains from the previous session, amid growing expectations that the United States, Japan and India will free up crude oil stocks to lower prices, despite the threat of falling demand as COVID-19 cases erupt in Europe. The United States is expected to announce a crude oil loan from its emergency reserves on Tuesday. It is part of a plan to lower energy prices that the U.S. has agreed with major Asian energy consumers, according to a source in the Biden administration.

The U.S. dollar hit a new four-and-a-half year high against the yen on Tuesday, as the reappointment of Jerome Powell raised confidence that U.S. interest rates will rise next year and diverge from those of Japan. The dollar was up 0.24% to hit 115.13 yen, the highest level since March 2017, jumping 0.77% on Monday. As for the euro, the currency fell to $ 1.136, near a 16-month low, losing 2.8% this month. The price of Brent crude is $ 79.21 per barrel, WTI — $ 75.98. EUR/USD is at 1.1248, GBP/USD — 1.3398, gold is at $ 1,807.25 per ounce.­­­­