The US dollar is currently experiencing a strong rally due to expectations that Donald Trump's potential administration will lead to increased inflation and higher bond yields. This surge coincides with President Joe Biden's authorization for Ukraine to use US-made long-range missiles for limited strikes into Russia, a move that has the potential to escalate tensions in the region.
As the G20 summit takes place in Brazil, the European markets are declining sharply due to concerns over Trump's proposed tariffs. These ongoing geopolitical developments and economic forecasts are creating a volatile trading environment, with increased activity in offshore oil markets.