Daily Market Update 18-05-2017
AvaTrade | May 19, 2017 01:17AM ET
EUR/USD – The euro surged to $1.1174 during last night’s trading session before pulling back to $1.1128 this morning. The pair reached a six month high last night after senators have started calling for the impeachment of President Trump.
USD/JPY – The pair saw its biggest move since last November in Wednesday trading as the Yen surged as low as 111.30 per dollar, a 2.1% drop amid all news crises coming out from the US and the White House. The Yen has gotten stronger again in this morning’s trade, now trading at 110.90
h3 Indices/h3Europe – European futures are slightly up to start the Thursday’s trading session, with most pairs trading up at least 0.3% ahead of Mario Draghi speaking in Tel Aviv later today. Despite today’s positive start, the major EU indices all were in decline yesterday after news out of the US.
USA – The Dow fell some 200 points yesterday which was followed by all the major US indices. The drop of 1.8% came behind the news that Trump tried to influence former Director Comey’s investigation into former security director Flynn.
h3 Commodities/h3Crude Oil – US Crude Inventories fell for a sixth straight week after Saudi Arabia and Russia agreed to extend supply cuts. Oil reached $49.10 a barrel in early morning trade as the supply cuts are starting to correlate to pricing.
Gold – Gold had its biggest one-day rally yesterday in almost a year, up over 2% as investors flocked to the metal for a safe trade. It has since pulled back from the high yesterday to $1257.
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