EUR/USD Slips On German Coalition Crisis

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1. EUR/USD Slips On German Coalition Crisis
The euro slipped after German Chancellor Angela Merkel’s interior minister offered to quit in an row over migration policy. The EUR was also no match for a strong dollar which continues to be supported by the relative strength of the U.S. economy and the prospects of further rate hikes by the Fed. The EURUSD was last seen trading 0.5% lower as of 7:30 GMT.*

2. Oil Prices Plummet
Oil prices fell by more than 1 percent on Monday as supplies from top exporter Saudi Arabia rose. U.S. President Donald Trump wrote in a tweet on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil, which caused oil prices to plummet. Specifically, Brent (CL_BRENT) crude oil futures dropped to $78.36 per barrel at 07:30 GMT, down almost a dollar from their last close. U.S. West Texas Intermediate crude futures were also down more than 50 cents, at $73.64 a barrel, after rising more than 8 percent last week.**

3. More Trouble Ahead For General Electric
J.P. Morgan’s Stephen Tusa told CNBC that General Electric’s (GE) dividend will be cut “precipitously,” perhaps in the “30%-plus range,” by the end of 2019 as the company’s balance sheet remains weak. “It’s going to get cut, like let’s be very clear about that,” Tusa stated. “That’s not going to happen tomorrow. But make no mistake, as you exit 2019 or sometime in 2019, essentially, that dividend is going to go down precipitously.” GE’s shares tumbled on Tusa’s statements to close 1.59% lower at 13.61 at the conclusion of the U.S. session on Friday.***

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*Source: Reuters 2.7.2018 4:08 GMT

**Source: CNBC 2.7.2018 6:05 GMT

***Source: Seeking Alpha Jun. 29, 2018 9:27 AM ET

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