Daily Wrap Up – 19 June

19 Jun 2017 06:59 PM

The British pound fell sharply during the day as David Davis, minister in charge of negotiations with the European Union, arrived in Brussels to start the first days of formal talks for Brexit. The GBPUSD hit its lowest level since June 15 at 1.2723.

In the United States, Donald Trump, the US president, is meeting with many technology chief executives including Apple and Amazon, as the White House is seeking private sector help to cut government spending and improve services.

French President Emmanuel Macaron's government has promised to reshape the French political scene after winning the parliamentary majority it sought to carry out reforms in support of growth. Macron's party with its center-right ally, has secured 350 of the 577 seats in the lower house.

The most significant move today was the continued decline in gold prices, which hit its lowest since May 24 at 1247.34 $ per ounce and is likely to see further decline targeting the levels of 1240$.

Also, oil prices rose to a strong resistance level at 45.25/45 dollars before giving up gains to trade currently at 44.60$ a barrel.

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