G20 Meeting Spreads Uncertainty and Pushes Gold Higher

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1. G20 Meeting Spreads Uncertainty and Pushes Gold Higher

Gold prices jumped this morning, heading for their best month in three-years, as market uncertainty spreads ahead of the G20 summit. Spot gold remained well supported above the $1,400 mark looking possibly gain more if the G20 fails. 


2. Markets Look for Direction

EU bourses started the day fractionally higher on Friday as investors focus on the G-20 summit and any developments on the ongoing US/China trade war. It is important to note that Japan is also on Trump’s agenda who plans to talk trade with Japanese Prime Minister Shinzo Abe as they meet on the sidelines of the summit, with Washington pushing to cut its big trade deficit.


3. Forex Preview: GBP Remains Subdued

The dollar edged slightly lower ahead of the G20, lacking any significant momentum. Elsewhere the EUR remained well supported adding 0.2% against the greenback and the GBP as of 8:55 GMT this morning. The sterling continues to remain subdued as the no-deal Brexit threat weighs on the currency. 


4. Oil Prices Slightly Lower

Oil prices traded slightly lower ahead of an OPEC meeting next week and G20 summit. U.S. West Texas Intermediate (USOIL) crude futures were down 15 cents, or 0.2%, at $59.28 a barrel as of 9:00 GMT this morning, stuck slightly above its 200-day moving average.


5. Gold Supported by Market Uncertainty, BTC Recovers

Bitcoin remains hugely volatile with a big correction of around 30% between its high and low yesterday. A massive crypto sell-off sent shockwaves in the alt-coin markets yesterday after news that hackers stole $4.5M from Singapore-based Bitrue. Today, BTC is now recovering again at above $11,400 keeping its ambition to possibly head further upwards.


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*FXStreet Jun 28, 2019 03:07 AM ET
**Reuters Jun 28, 2019 3:53 AM ET
***CNBC Jun 28, 2019 2:48 AM ET
****Bloomberg Jun 28, 2019 06:13 AM ET
*****Investing Jun 28, 2019 06:13 AM ET


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