Positive comments on the oil outlook from OPEC Secretary General Al Ghais sent oil prices higher on Tuesday. He said the global economy will be stronger this year. Along with the increased demand for oil, it will help the price of oil to rise again.

Various currencies overall remain Depreciated due to US inflation data. which decreased less than expected. This gives even more support that the Federal Reserve (Fed) will maintain interest rates at 5.25-5.50% until at least May and is confident that inflation will return to target at 2% sustainable.

Investors are waiting for more information on US retail sales data. Compared month over month in January that will be announced on Thursday. Investors expect retail sales to shrink 0.1%, compared to a 0.6% increase in December.