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Trump Ends Iran Oil Waiver, Prices Spike

Oil

Oil prices soared following the White House announcements on Iran's sanctions. The Trump administration declared that there would be no new waivers to Iran's oil exports as the old waivers end on May 1st. The United States Secretary of State Mike Pompeo said that the US has been in discussions with partners about alternative supply. Saudi Arabia and the United Arab Emirates are expected to cover the supply shortage. The West Texas Intermediate crude oil futures rallied to $66.17, and the Brent futures jumped to $74.67, the highest since late October. On the other hand, the American Petroleum Institute will report the weekly US crude oil stock later today.

USD                                                                                  

The dollar index which measures the greenback against a basket of major currencies rose during the Asian session to a high of 97.39. The recent drawdown in the economic data from the Eurozone and the ongoing uncertainty concerning Brexit drove down the Euro and the pound which account for almost 70% of the basket. Market participants await a series of economic data from the United States among them the Redbook which gives insight on the retailer's sales activity, April services PMI, and the New Home Sales for March. The US 10-Year Treasury yields rose to 2.591%, AND the USDJPY is trading near 111.80.

Metals

Metals prices remained under pressure as the dollar and yields surged. The price of a gold ounce couldn't hold earlier gains and dropped from a high of $1279 to trade at a low of $1272. The silver ounce declined to 14.93, and Palladium plunged to $1374.

Major Economic Events

GMT Country Event Expectation Previous

12:55

US

Redbook (MoM)

 

0.7%

13:45

US

Services PMI (Apr)

56.0

55.3

14:00

US

New Home Sales (Mar)

647

667

20:30

US

API Weekly Crude Oil Stock

 

3.096

 

Disclaimer

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