FX: EUR weakened on sluggish indicators
The US dollar was the highest in the year, as the euro weakened against the weak IFO business environment index in Germany and fundamentals differentiated between the US and major economies.
The euro weakened as concerns about the Eurozone economic slowdown re-emerged when the April IFO Business Environment Index fell below 99.7 and 99.9, respectively, to 99.2 in April. The Australian dollar was also expected to lower interest rates due to sluggish Australian consumer prices, and the economic downturn in major economies led to a stronger US fundamental and a stronger dollar.
Commodity: International oil prices drop on crude oil inventories
International oil prices declined on the back of rising US crude inventories and a stronger dollar. As EIA announced that crude oil inventory rose to 5.45 million barrels, more than expected, oil prices turned profitable. International oil prices, which closed at $ 66 a day ago, dropped to $ 65. In addition, the fact that the dollar showed a strong year-on-year high was one of the reasons for the drop in oil prices. However,
The decline is still limited as the situation is still not resolved. It is not likely that Saudi Arabia will immediately increase production in order to solve the supply shortage caused by Iran sanctions.