Economic Indicators & Central Banks:
The USDIndex slipped for a 2nd day, retesting 6-month trendline. Currently set at 104.35.
Gold prices remained steady as the Dollar eased, with investors eyeing key US inflation data for hints on potential Fed rate cuts. Spot gold held at $2,342 per ounce.
Oil prices steadied after 2 days of gains, i.e. at $78.70, despite rising Middle East tensions following the death of an Egyptian soldier in a clash with Israeli troops. Overall, prices have dipped since early April due to weakening demand from Asia, leading Brent’s prompt spread close to a contango structure, signaling increasing supply relative to consumption.
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Andria Pichidi
Market Analyst
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