FX: The Euro rises to weak of dollar
Despite the US economic growth in the first quarter, which was much better than expected, the dollar was in a downward trend due to the low inflation rate and expectations for the Fed to cut interest rates again.
The US economic growth rate for the first quarter was 3.2% on a quarterly basis, exceeding both the previous quarter (2.2%) and market consensus (2.3%). However, the improvement in the growth rate was due in part to inventory and net exports, and the PCE inflation index fell to just 1.3%, lowering the US dollar and weakening the US dollar.
Commodity: International oil prices fall on Trump President’s remarks
International oil prices fell on President Trump ‘s pressure to cut oil prices. President Trump said he had asked OPEC to cut oil prices and said that Saudi and major oil-producing nations have agreed to increase oil prices through Twitter. Oil prices fell 2.9% to close at $ 63.3 a barrel on the prospect that the consensus would not be extended at the June OPEC meeting.
The dollar rose against the US dollar in the first quarter of the year as economic growth slowed.