Asia & European Sessions:
Financial Markets Performance:
- The USDIndex dropped to 100.64 and is weaker against its G10 peers, with the exception of CHF and CAD.
- Yen retested once again December’s highs, at 140.63 level.
- Wall Street rallied after a mixed start, with the NASDAQ advancing another 1%, while the S&P500 was up 0.75%, and the Dow was 0.58% higher.
- Gold prices marked new record highs to $2570 per ounce as shorts cover.
- Crude oil prices are up 1.05% at $68.68 per barrel due to dollar weakness, risk -on tone and disruption in crude production. Hurricane Francine’s landfall in southern Louisiana on Wednesday led to the shutdown of offshore platforms in the Gulf of Mexico and disrupted refinery operations. The overall bearish tone remains intact, though, and the IEA’s monthly report only added to fears that a slowdown in demand will lead to a supply overhang and continue to weigh on prices.
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Andria Pichidi
Market Analyst
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