The US has intensified pressure on Iran with the reimposition of a series of tough economic sanctions as President Donald Trump accused the nation of “threatening, destabilising behavior.” The sanctions, which take effect on Tuesday, prohibit Iran from using the US currency, target Iran’s automotive sector and the purchase of commercial plans and metals, including gold. Trump said: “Individuals or entities that fail to wind down activities with Iran risk severe consequences.” Parties to the 2015 accord, including the UK, France, Germany, Russia and China – have expressed “deep regret” at the US move.
Google released its latest version of its Android smartphone software – Android Pie, which will start rolling out to Pixel phones Tuesday. Google has stated it has collaborated with third-party device-makers to make it easier for them to check and deliver the updates than before. The new edition of Android offers more powerful notifications and promises to extend the battery life. Pie adds images to the alerts, this depicting “both a small picture of the person who contacted the recipient as well as previews of any photos or other media they may have shared.” Furthermore, it will allow the owner to send the desired response without having to type it in themselves.
The GBP/USD pair is undergoing massive pressure as Brexit talks has not yet led to any significant agreement. Since the final date for the deal is March 29, 2019, the UK and the EU need to agree on the terms and conditions of Brexit soon. The GBP/USD pair is currently hovering at $1.29500 earlier on Tuesday as it fails to get support from the global market. Furthermore, the Bank of England also did not uplift the British pound, setting this major pair to even lower trends.
Bitcoin edged lower by 2.1% to trade at $6,945 earlier on Tuesday after surging by more than 30% last month. The digital coin has been dropping value since last week’s session as it failed to get enough support from the market. Furthermore, JPMorgan CEO Jamie Dimon’s comments on cryptocurrencies is also believed to have triggered a bearish trend for this one. Bitcoin is expected to drop to even lower levels through the rest of the day.
The S&P 500 rose by 0.4% to 2,850 points on Tuesday, led by gains in stocks like Facebook, Disney and Berkshire Hathaway in yesterday’s session. The Wall Street index is seen hovering to record levels not seen in the previous weeks. A bullish session is expected to continue for the S&P 500 index, bring it to new level highs later in the day.
Oil prices rose on Tuesday amid news that the United States reintroduced sanctions against major crude exporter, thus tightening global markets. The US reaffirmed plans to impose penalties on Iran’s oil sales in November. The US West Texas Intermediate crude futures gained 0.3% at $69.21 a barrel, it is expected to maintain a bullish trend and move towards the 69.80 level through the day.
Australia reported its Interest Rate Decision for August at 04:30 GMT, leading the AUD/USD pair on a positive note.
Canada’s Ivey Purchasing Managers Index (PMI) report for July is due at 14:00 GMT.