Trump Hits Out At Weak EUR And CNY

Published date: 21/08/2018
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Trump's at it again!

Another sea of green yesterday in the US as the major indices in the States posted a positive session. The Nikkei 225 (0.19%) and the Shanghai Comp. (1.29%) followed suit, however, the ASX fell nearly 1%. The main story from yesterday was Trump being unhappy about the Fed's rate policy. The US president said that he feels that China and Europe have manipulated their FX rates lower and rising interest rates in the US have not helped.

Oil struggled overnight as the US is said to have offered some 11mln bbl of oil as Irans sanctions kick in. This may be the reason for the rising inventory levels in the states. Spot WTI trades lower by 1.65% at  $65.52/bbl.

Gold has continued its recovery to edge closer to the pivotal $1200/oz level. We are currently trading at $1194/oz as EM outflows have slowed. 

Copper also had a good session overnight as risk sentiment in China turned positive. The industrial metal is in the spotlight this week as the US and China continue trade talks and trades 0.60% higher at $2.67/lb.

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