EUR/USD slipped 0.10% to 1.1234, off a one-week high of 1.1257 hit overnight. GBP/USD fell 0.32% to trade at 1.2850 after the latest YouGov poll released on Wednesday showed that Theresa May’s Conservative Party is only 3 % in front of the opposition Labor Party ahead of the June 8 election. It was up 0.4 % to 110.06 yen on Thursday, its first positive session in five, but concerns about U.S. politics capped gains.
- Oil remained under pressure yesterday though it has recovered slightly this morning. The market continues to doubt that the OPEC cuts will be enough to stabilize the market given the surge in US oil production. U.S. crude (CLc1) rose 0.9 % to 48.75, after plunging 2.7 % in the previous session.
- US financial stocks were hit overnight by disappointing revenue estimates by JP Morgan and Bank of America.
- Gold prices hits fresh one-month high yesterday on geopolitical tensions and decline almost $9 from the high and is currently trading around $1260. In the hourly chart the yellow metal has taken support near 200- MA yesterday and jumped sharply from that level.
- Released today in the US, we will get the ADP job report where the market consensus is for 180, 000 new jobs being created in May, up from 177,000 in April. Markets are eyeing also NFP to be released tomorrow.
