Currencies
EUR/USD – The pair was trading above $1.1120 in early morning trading, breaking into a new six-month high after investors have fled from bullish dollar trades. This comes after yesterday’s turmoil in the White House that President Trump revealed classified intelligence information to the Russian foreign minister and ambassador.
USD/JPY – Following the fleeing from the US Dollar by investors, the pair is down again at 0.6% to 112.33 this morning. The weaker dollar is now extending across the markets as further losses are being expected ahead of Junes Fed meeting.
Indices
Europe – European futures are also off to a poor start to the day with most pairs trading down at least 0.3% ahead of economic news releases later today. The Dax in Germany has fallen to 12,757, a -0.35% drop, while the Cac in France is down 0.5% to 5,335.50
USA – Amid growing concerns over the current turmoil and downward spiral in the White House, US index futures are trading down in the European session. The S&P500, Dow Jones and Nasdaq fell by a further 0.5% as reports released have indicated Trump asked former FBI direct James Comey to drop the investigation into National Security Advisor Michael Flynn.
Commodities
Crude Oil – Even after Saudi Arabia and Russia agreed to extend supply cuts, Oil fell in early trading to $48.07 behind poor US Crude stockpiles data. There was a correction midday as the commodity had rebounded up almost 1.3% higher to $49 a barrel.
Gold – Gold rose a further 0.7% to $1245.70 in early morning trading as investors are looking for safer assets behind the turmoil in the US. This has Gold extending gains for a fifth day in a row.