Big news in commodities that will surely add volatility to the prices of crude oil, the Iraqi Minister of oil stated that “Even though Iraq should have been exempted from the cut production agreement, they are committed to do it”. Gold, again benefiting from the yesterday’s dollar drop is currently trading with gains at 1193.55. Silver which had a terrible 2016 is recuperating mildly as well, currently trading at 17.24.
In Australia, the Aussie dollar gained mildly and is currently trading at 0.7500. In New Zealand, their dollar is expecting results from the mining figures that will come out today, and is currently trading at 0.7104. In Japan, the Yen is struggling to get back to their 120.00 mark, and it hasn’t passed the 115.00 mark, as of now is trading at 114.07.
The pound is recuperating a bit, especially on the day the US dollar felt a pressure from Trump’s press conference. The GBP/USD pair is on its way to the 1.2300 level and is currently trading at 1.2200. In Europe, benefiting also from Trump’s press conference is the euro. The message that traders got from it (the conference) was that the US government will take all its effort just to make American companies work and produce inside the US territory, and all the talk about tax reductions and infrastructure was not discussed, leaving traders and investors alike with a big interrogation mark in their minds when it comes to the future economy of the US. But all is not bad news, the euro had a great day gaining mildly and trading at 1.0630, and at a point during the session it got to a high of 1.0650.