STO Market Review

The US dollar saw a rapid drop of its price opposite other major currencies after the announcement of the less than positive and expected statistics regarding U.S. inflation and retail sales. Retail sales dipped significantly to 0.3% in May down from the 0.4% rate of the previous month. The Consumer price index followed the same downwards trend coming in at 1.9% YoY in May compared 2.2% of the previous month. This saw traders selling off USD heavily.

As a result EUR/USD price gained by 0.44% to 1.1264.

GBP/USD came up to 1.2778 (ultimately gaining 0.18%).

USD/JPY lost 0.43% currently at 109.45.

AUD/USD increased by0.99% and coming in at 0.7600.

Gold saw a 0.61% price rise – keeping true to its safe haven status in times of volatility coming at 1276.52 which was set as its resistance level.

Oil prices stabilized and recovered after the recent dip as a reaction to the API report. Brent rose 0.49% and coming up to 46.50. WTI went up to 46.37 gaining 0.62%. The US Department of Energy’s on weekly oil reserves report are also eagerly expected by traders which are to be released at 16:30 (GMT+2).
Both American and European stock markets seem to be in the green. The Dow’s 0.11% increase brought the index to 21350.3. Following the same upwards swing the NQ came up to 5768.1 with a 0.29%gain. Finally the S&P rose 0.11% reaching 2441.6.

French CAC went up to 5288.3 with a 0.07%increase. British FTSE saw a 0.31% increase trading at 7527.3. Finally the DAX gained 0.67% and reaching 12892.0.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice

STO Review