Daily Wrap Up – 12 June

12 Jun 2017 08:56 PM

The economic calendar was not full of major economic events today, and the markets saw some notable moves as Sterling Pound continued to face further downward pressure, especially after Prime Minister Teresa May failed to win a majority in last Thursday's election. She is trying to make a coalition With the DUP to form a new government. Sterling fell against most of its rivals, hitting its lowest level against the US dollar for nearly a month at 1.2638.


The Canadian dollar rose significantly against its peers following comments by Bank of Canada Senior Deputy Governor Carolyn Wilkins, who indicated that the BOC to assess the situation to see whether there is a need to less stimulus. The USDCAD has hit its lowest level since April 18 at 1.3334 Past a strong support area at the 1.3409/27 levels which are expected to retest before returning to the downside.


US crude oil prices rose from a daily low of 45.79$ to 46.68$, the highest level since June 7, before falling to 46$ a barrel on signs of lower US stockpiles and Saudi Arabia's biggest oil exporter will limit volumes to some Asian buyers starting in July, also some news came out of the possibility of reducing US production by about 35% in July.


Technology sector gains took the Nasdaq Composite Index to its biggest loss in two days since September. The S & P 500 has risen about 18.5% this year on its way to its best annual performance since 2014.

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