Daily wrap up – 29 August

29 Aug 2017 06:37 PM

The global stock markets have been affected this morning and most investors have turned to safe haven assets after North Korea provoked the Japanese side by launching a missile over northern Japan to fall into the Pacific and spark renewed political tensions with the United States.
European shares hit their lowest level in six months before losses narrowed, and the worst daily performance in 2 months. While Japanese stocks closed at a four-month low before baring losses and closing down 0.5%.
Gold rose strongly above resistance levels at 1296/1300, hitting a 10-month high of 1325.95$ per ounce. While the USDJPY hit its 4-month low of 108.32 before cutting its losses after the positive consumer confidence data, which recorded the highest level in 16 years.
Also, the EUR benefited from the weakness of the US Dollar to exceed the 1.20 levels to reach its highest level against the US Dollar since January 2015 at 1.2069, when the ECB announced the launch of the quantitative easing program.
Oil prices continued to fall for the second day in a row after closing about 13% of oil platforms in Texas after Hurricane Harvey hit the US coast and the oil industry in the country. Damage assessment could lead to more volatility, with heavy rain expected to continue until tomorrow, which would increase the strong floods in Houston.
US crude hit its lowest level in nearly a month at 45.75$ a barrel after crossing the ascending channel on the daily chart.

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