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Trump Controversy Pushes US Dollar Down; Oil Prices Continue to Improve

Published May 16, 2017
  • The US Dollar Index fell to a six month low this morning on news of further controversy from US President Donald Trump; Trump allegedly disclosed highly classified information regarding Islamic State to Russia’s foreign minister during a meeting last week
  • Investors are become increasingly worried that Donald Trump’s repeated controversies will hold his administration back from successfully pushing through the economic stimulus programs and tax reforms that buoyed strength for the US dollar earlier this year
  • Oil prices continued to climb this morning and have steadied around three-week highs after yesterday’s rally; investors remain optimistic on Russia’s and Saudi Arabia’s pledge to extend oil supply cuts until March 2018
  • The American Petroleum Institute is set to release its weekly report on US oil inventories at 4:30 PM EST today; analysts will look for a repeat of last week’s drawdown to confirm upward momentum for oil prices
  • The number of US building permits and housing starts both came in under expectations; data on US capacity utilization and industrial production are set to be released at 9:15 AM EST
  • The euro rose to its highest levels since November against the US dollar this morning; jubilation over Emmanuel Macron’s victory in the French Presidential election, positive economic data from the euro-zone and Trump’s weakening of the US dollar has helped the euro move higher