Its a Sunshine Day for EUR & Commodities.By Kenneth@Xtrade - on May 31, 2018
The USD has been pinned down due to disappointing GDP and inflation reports from yesterday. On the other hand, the EUR rallied as Italian politicians cooled tempers.
- EUR/USD is currently trending a path of 1.1519 – 1.1724 with more upside expected.
- Asian stocks rallied welcoming the calmer atmosphere in Italy. EU shares are expected to rally in tandem.
- Cryptocurrencies are mostly looking for a rebound up. Meanwhile, South Korea’s big exchange Bitumb banned Crypto trading in 11 countries including Iran & Iraq for not having adequate tools to regulate and prevent money laundering, thus dabbed Non-Compliant Countries & Territories (NCCT). Although this may create a short-term sell-off long-term rallies are eyed since the initial selloff with be from questionable participants.
- Commodities are also looking positive due to the decline in the USD which makes commodities cheaper. Gold, Silver, Copper, Aluminum & Nickel are likely to tack on some handsome gains. Meanwhile, the Oil is on a downtrend, triggered by oversupply. Wednesday’s American Petroleum Institute/API reported a built of 1m barrels. Today The Energy Information Administration/EIA is expected to release its report on Crude Oil inventories at 16:00GMT probably with the revelation of more built. Crude Oil was seen ranging between 67.77 – 68.27 with perhaps more downside.
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