• Israel has agreed in principle to the ceasefire proposal from the US. 
• President-elect Donald Trump has announced 25% tariffs on imports from Canada. 
• The US Dollar Index edges slightly lower on the back of the tariffs news. 

Crude Oil tries recover by jumping nearly 1% on Tuesday ahead of weekly Crude Oil stockpile change numbers from the American Petroleum Institute (API). The move comes after the President-elect has confirmed to be hitting Mexico and Canada with 25% tariffs on imported goods. Meanwhile, in the Middle East, Israel’s Prime Minister Benjamin Netanyahu is said to agree to the ceasefire proposal from the US, which is now up to Hezbollah to sign before taking effect. 

The US Dollar Index (DXY), which measures the Greenback’s performance against a basket of currencies, is struggling only because the Canadian dollar (CAD) is part of the DXY basket. A weaker CAD is being offset with a stronger Euro (EUR) and Swedish Krona (SEK) against the US Dollar. Later this Tuesday, traders will focus on the release of the Federal Reserve (Fed) Minutes for the November meeting for fresh clues on the possibility of a December interest rate cut.