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European Market Update – Key move yesterday was President’s Trump announcement to pull the U.S. out of the Paris climate accord. This caused Stock Markets to closed at Record highs., while Oil prices slumped below the $48.00 area from about $49.20. Today, Yen weakness has been the main show in town so far. USDJPY rallied to an eight-day peak at 111.71, with the Japanese currency under-performing as a risk-on vibe coursed through global markets following a round of solid PMI reports and a stronger than expected U.S. ADP report, which points to upside risks to today’s payrolls report.

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EUR/USD bounces off the lows as the market mood improves

EUR/USD is bouncing toward 1.18, recovering from the fall triggered by upbeat US jobs figures and escalating Sino-American tensions. Investors are eyeing the fiscal stimulus impasse in Washington after Trump's executive order and the market mood has somewhat improved.


USD/JPY struggles to find direction, stays flat below 106.00

The broad-based USD strength witnessed during the first half of the day helped the USD/JPY pair advance to its highest level in nearly a week at 106.21.


GBP/USD recovering toward 1.31 as the dollar weakens

GBP/USD has recovered toward 1.31 as the dollar pares early gains amid the impasse in Washington over new fiscal stimulus. A survey showing that a third of UK employers may lay off workers is weighing on the pound.


XAU/USD retreats to $2030 after making a run to $2050

Gold prices spiked to the upside after the beginning of the American session but then pulled back erasing gains. XAU/USD jumped to $2049.70/oz, and as of writing, it trades at $2033, practically at the same level it closed on Friday.

Gold News

WTI: $42.30 is the level to beat for the bulls

WTI (futures on Nymex) climbed nearly 1.50% in a bid to test the $42 mark on Monday, in the wake of the upbeat outlook painted by Saudi Aramco’s CEO Nasser and expectations that Iraq will cut output in August.

Oil News