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Oil Prices Decline Sharply

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Oil

Oil prices fell as much as 2% to a 10-month low and settled at $42 before recovering to $42.50.

Meanwhile, the US crude received support earlier today specially with the tropical Storm Cindy forecasted to approach the southwest Louisiana coast (Gulf of Mexico), considered as the home of about 17% of the total U.S. oil and offshore natural-gas production. Oil has slid 20% in the first half of 2017 biggest first-half slide in 20 years.

USD

The U.S. dollar failed to manage its gains vs. a basket of major currencies with falling oil prices.

  • The U.S. dollar index (DXY), which measures the Greenback against a basket of currencies, pared its gains and fell to 97.20 pips.

Gold

Gold prices rebounded yesterday to $1,245, as the U.S. dollar declined. Technically, the yellow metal could be supported during the day due to the lack of US economic data and Geopolitical uncertainties.

GBP

The Sterling pound managed to pare its losses yesterday vs. USD and settled at $1.26 after declining to its lowest in two months, garnering support on signs, the BoE could consider scaling back stimulus later this year. Technically, could trade under pressure on UK political uncertainty.

The most important economic events:

  • EUR Euro-Zone Consumer Confidence (Jun A): (GMT 14:00) – Medium – Forecast (-3) – Previous (-3.3).
  • USD Leading Indicators (May): (GMT 14:00) – Medium – Forecast (0.4%) – Previous (0.3%).
  • MXN Overnight Rate (22 Jun): (GMT 14:00) – Important – Forecast (7.00%) – Previous (6.75%).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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