Daily Wrap Up – 6 June

6 Jun 2017 06:31 PM

The US dollar fell today to its lowest level in seven months, in addition to the decline of US stocks at the beginning of trading, in light of markets stay tuned of several important economic events this week.

Special attention is being given to Thursday's eventful. British voters will go to the polls to select the members of the Lower House of Parliament, from which a government will be formed; and the impact on the Sterling's moves, which is stabilizes currently near to 1.29 against US dollar.

 Also, the testimony of James Comey, the former director of the FBI before Congress, will have a role in the movements of the US dollar, and the impact of those tensions on the president's fulfillment of his election promises.

This is in addition to the escalating tensions in the Middle East after a number of Arab countries cut off diplomatic relations with Qatar earlier this week, and Kuwait sought to bring the views closer amid news that Sheikh Sabah Al-Ahmad visited Saudi Arabia today.

Oil prices are currently stabilizing at an important support level of 46.82$ a barrel, and if prices managed to break it down, we would see prices fall to 45.50 / 44 $ a barrel.

The ECB will play a key role in the events on Thursday, where attention will be paid to the press conference of Mario Draghi, the ECB governor, markets will try to get any hints about the ECB starting to tighten its monetary policy and start easing its asset purchase program.

Earlier this morning, the RBA kept its policy with no changes, holding its easing policy, indicating that interest rates may remain at their low levels as the current policy is in place.

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