Daily wrap up – 28 August

28 Aug 2017 06:33 PM

The markets were relatively calm today with no economic events on the economic agenda, but the market witnessed some moves for some currencies as the euro saw a significant rise after Mario Draghi, the ECB governor, expressed no concern about the strength of the currency. So, EURUSD has reached the highest level Over the past two and a half years at 1.1975.
With uncertainty over the impact of Hurricane Harvey on the US coast, investors turned to safe havens, as gold prices rose today to their highest level since November 6 2016 at 1307.67$ an ounce. The markets are waiting for US employment data at the end of this week to see the possibility of positive data to support further hikes of interest rates.
Hurricane Harvey is the strongest to strike Texas for more than 50 years, causing rain and floods, and more than one refinery has declared closure, with losses of around 1 million bpd. Oil prices were negative on the news, hitting their lowest level since July 24 at $ 46.19 a barrel.

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