Market Snapshot – Euro Continues to be the Star

The euro continued to remain in focus for the beginning of the week and for today as well as it continues to trade near the highs of its range with it threatening to move even higher in due course of time. The euro was boosted by comments from Merkel that the euro was being held weak by the ECB and that it was not good for the German economy. The euro has been further boosted by positive economic data from Germany and France today which has helped to keep the trend of improving data from the Eurozone, running. This should help the EURUSD pair continue to move higher in the short term.

Oil Prices Remain Steadily Higher

The oil market is now looking forward to the OPEC meeting where crucial decisions regarding the production cut deal are expected to be made. The market had already expected the production cut deal to be extended beyond the end of the year and this was one of the reasons why the oil prices were moving higher last week. Over the weekend, there is talk of the OPEC producers cutting the production even more than what the expects and for a longer period of time as well. This has been a shot in the arm for the oil bulls who have kept buying oil in a steady manner since the beginning of the week.

Gold Prices Looking to Move Higher

Gold prices have rebounded nicely from their correction over the last week and now they are back threatening the highs of their range in the 1265 region. We expect that it is only going to be a matter of time before the gold bulls manage to push through this region and move the prices towards the next short term target which would be the 1298 region. In this, there are likely to be helped by fundamental events like the lack of a rate hike in June from the Fed and also the continuation of the political troubles for Trump.