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USD & Gold Falter Ahead of US Data & Fed Speakers; Oil Prices Recover from 10-Month Lows

Published June 26, 2017
  • Gold prices fell more than 1% this morning as the market anticipates comments from Federal Reserve officials throughout the week; market participants are also looking toward results from a litany of US economic data, including data on US GDP and unemployment claims
  • The US dollar is broadly weaker this morning as investors are concerned that the Fed may not raise interest rates again this year, despite reiterating this commitment in their last meeting; Fed Chair Janet Yellen will speak tomorrow to discuss American monetary policy
  • Bank of Canada Governor Stephen Poloz will speak on Wednesday in a panel discussion at the European Central Bank Forum on Central Banking in Portugal; market participants will look to see if Poloz will confirm the BoC’s hawkish stance on interest rate hikes
  • Oil prices moved higher this morning, however, gains were limited as worries of global over supply continue to weigh on the market; WTI prices are recovering after hitting their lowest level since August 11, 2016, last week
  • US shale producers added rigs for the 23rd week in a row last week; the rig count rose by 11 to 758, reaching their highest level since April 2014
  • European stocks are up this morning after the Italian government struck a deal to guarantee the assets of two failing Italian banks; US indexes are set for a higher open as well
  • The Great British Pound is up this morning after Prime Minister Theresa May secured a partnership with Northern Ireland’s Democratic Unionist Party; May’s minority government needs the DUP’s support to effectively pass the UK’s Brexit mandate