1. EUR/USD Headed For 1% Weekly Gain
Rising expectations that the ECB could finally signal an end its massive quantitative-easing program at their forthcoming meeting next week continued pushing the EUR higher against the USD. The EUR/USD pair extended its recovery to jump to a three-week high yesterday. Today the common currency has lost some ground against the dollar at 1.1778 as of 6:45 GMT, but the pair is still headed towards a 1% weekly gain. Investors are also shying away from the USD amid the risk of a full-blown global trade war as all eyes are now set on the G7 summit in Canada.*
2. Dollar Near 3-Week Lows
The greenback wallowed near a three-week low against peers on Friday, as U.S. Treasury yields fell and as investors remained sensitive to the risk of a global trade war ahead the G7 summit in Canada. The dollar index has fallen 0.75 percent this week versus a basket of six major currencies, and plumbed to 93.213 on Thursday, its lowest since May 17. The dollar has come under pressure this week as the euro bounced back from 10-month lows thanks to speculation that the ECB could signal an end to its big stimulus program when it holds a policy meeting next Thursday on June 14.**
3.Oil Prices Rally On Venezuela Supply Cuts
Oil prices rose this week, driven by Venezuela’s inability to meet its supply obligations. U.S. WTI crude rallied this week to reach a peak on Thursday as Venezuela struggles to meet its supply obligations and by ongoing voluntary output cuts led by producer cartel OPEC. Specifically, prices were pushed up by supply trouble in Venezuela, where state-owned oil firm PDVSA is struggling to clear a backlog of around 24 million barrels of crude waiting to be shipped to customers. On Friday morning, crude (USOIL) retreated by 0.6% as of 7:00 GMT, as investors sought to cash in on a long rally.***
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