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Oil Prices Down; GBP Bouncing Back After 2 Month Low

Published June 21, 2017
  • Oil prices fell nearly 2% yesterday as fears of the steady increase in US production has added to concerns over a glut in the market
  • USD is holding steady against the other majors this morning, receiving a bit of a break from a week filled with FED remarks; US housing sector data will be released later today
  • GBP dropped to a 2-month low overnight before the Queen’s speech and has since retraced its losses on hawkish comments from BoE Chief Economist Haldane
  • Uber co-founder, feeling intense pressure from 5 of the firm’s largest investors to resign, has stepped down as CEO
  • European stocks traded noticeably lower today, led by losses in the financial sector
  • As well, a steady decrease in oil prices is weighing on energy stocks