Risk appetite weakened towards the end of last week as markets awaited news out of the EU Summit. The UK has managed to reach an agreement in negotiations held on Friday, which would provide them special status within the EU. The new deal provides provisions to the financial services industry as well as curbing access to welfare to new UK arrivals. The referendum is scheduled for the 23rd of June.
European equities fell as sentiment shifted, with the DAX and FTSE closing 0.80% and 0.36% in the red respectively. US equity markets had little net movement however, as US CPI date beat market expectations with an annualized rate of 1.4%, offsetting the shift in market sentiment.
Oil prices are struggling to find support post OPEC and non-OPEC production freeze negotiations last week, with WTI hitting highs of $33.82/bbl. Markets initially reacted bullish, as production talks including the world’s largest oil producers; Saudi Arabia, Russia, Iran, Qatar and Venezuela, indicated forward moment in curbing the current global supply glut. Gains made earlier last week are retracing with WTI and Brent Oil sitting around the $31.90/bbl and $33.06/bbl respectively, as the major global oil producers fail to commit to production limits.
Please note: Try our new trading platform www.easymarkets.com and login with your same username and password you use at easy-forex. Experience better user interface with news, Technical Analysis and charts – all in one page.
Important note: These technical and research reports are provided to easyMarkets® as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easyMarkets® to you to engage in any trade. Hence, easyMarkets® shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easyMarkets®. If you do not agree to this, you are strongly advised not to use these reports.
easyMarkets Pty Ltd (AFSL 246566 ABN 73107184510) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. easyMarkets recommends that you read the Regulation Page, The Product Disclosure Statement, the Terms and Conditions and the Financial Services Guide before making any decision concerning easyMarkets’ products.