Oil Prices Bounce Back +1%

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1. Oil Prices Bounce Back +1%

Oil prices bounced back more than 1% this morning amid Middle East tensions, but still did not fully recoup losses incurred earlier this week. As tension continues between Iran and the U.S., multiple supply risks remain on the table and could provide more support for oil prices which are currently pressured by a stronger US dollar. It should also be noted that the greenback has come off its 2-year highs yesterday after some weak US data and if it continues to edge lower we could see more gains for Crude (USOIL) and Brent (CL_BRENT).*


2. EU Markets Open Higher

EU bourses are seen opening in the green today, while the EUR/USD is possibly in a corrective move as DXY index shows a double top. Asia Pacific markets were mostly in negative territory on Friday morning as investors remained worried over trade tensions between the United States and China.**


3. Aussie Remains Subdued

AUD/USD came under pressure today after Westpac bank revised its forecast for RBA rate cuts in 2019 from 2 to 3 in 2019. Elsewhere, the USD weakness helped the Kiwi to register a bounce off on Friday with the NZD/USD pair trades near 0.6527 as of 6:30 GMT this morning.***


4. Royal Mail Tumbles 10%

Royal Mail shares finished the day -10.86% lower on Thursday after announcing that while dividends for the year that ended in March would be increased by a penny to 25p a share, they would be cut by 40pc to 15p for the current financial year. On the flipside Merlin Entertainments PLC closed 7.55% higher on Thursday on hopes that the company would go private. Avon Products shares continued to gain and finished the day 3.15% higher yesterday as the company is nearing its sale to Brazilian cosmetic maker Natura Cosmetico SA.***


5. Gold Prices Supported by a Weaker Greenback

Gold prices held steady this morning after rising above $1,280 in the previous session as weak U.S. data pushed the dollar off its 2-year highs and reignited hopes of a rate cut by the Federal Reserve later this year. The overall risk off stance could prevail today supporting spot gold and sending the USD/JPY lower. ****


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*Investing May 24, 2019 2:48 AM ET
**CNBC May 24, 2019 3:53 AM ET
***FXStreet May 24, 2019 03:07 AM ET
***Bloomberg May 24, 2019 06:13 AM ET

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