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The US dollar falters after the tension between America and China – 29-05-2020

News Date: 29/5/2020 06:26:42

Oil futures recorded the first weekly decline over the past five weeks that finished with progress, and today’s sessions begin with West Texas crude falling 1.7% to $ 33.14 a barrel, while Brent crude fell to $ 34.87 a barrel. However, oil prices are heading towards achieving huge gains, because of  optimism about recovering demand for oil, as well as to the support secrets received from production cuts. In this context, Saudi Arabia and some OPEC members have studied a decision to reduce production to the lowest degree, as they were estimated at 9.7 million Barrels per day after June, but the decision is still under study as long as Russia has not supported it yet !

We follow with the developments of the yellow metal :

Gold prices fluctuated in a narrow range towards the decline during the Asian session, as it stabilized at $ 1732.60 an ounce, as a result of the economic data expected today by the American economy, and also the press conference of US President Donald Trump on China, which will be held in Washington. While silver prices are moving upward to trade at $ 17.968 an ounce.

We continue with the Japanese stock news :

Today, the Nikkei fell 0.18% to 21877.89 points in light of the growing concerns due to the tension between America and China, while the Topix index fell 0.9% to 1563 67 points.

We conclude with the dollar, which failed against both the euro and the British pound, as well as the Australian dollar due to the electrified relationship between America and China.

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