Daily Wrap Up – 28 June

28 Jun 2017 06:05 PM

The ECB Forum on Central Banks concluded today with discussions on investment and growth in developed economies. Mark Carney, the governor of the BOE, pushed the pound higher against the US dollar to its highest level since May 25 at 1.2971 after hinting about abandoning the bank's easing policy if the situation stabilizes.

The euro dropped significantly after the ECB explained that the markets had misread Draghi's remarks yesterday, dropping against the US dollar from its highest level in almost a year at 1.1388 to reach the resistance level which turned to strong support at 1.1290 before resuming near its highs.

EU officials continue to meet with their counterparts in Japan to reach a trade deal with each other away from protectionist policies that are hurting the global economy.

Political confusion continues in the US following the postponement of the vote on the draft law on health care until July 4 as discussions on the bill continue.

Cyber-attacks continued to hit again, and this time hit BNP Paribas after it hit Russia's largest oil producer as well as the Maersk cargo giant, making it unable to handle the new orders. The attack comes in the wake of a similar attack on the ransom virus earlier last month, which hit more than 300 devices around the world.

Oil prices rose at the start of trading day to exceed the resistance level at 44.18$, following the rise of US crude oil inventories by about 100 thousand barrels in the week ended June 23, this is the second rise in the last 12 weeks, On the other hand, the USDCAD fell strongly to its lowest level since mid-February at 1.3034.

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