Friday, June 3, 2016

Jun[2] - Market Update

Dollar vs Gold:
Following a series of economy data released from US by last week, market has cast its vote on the rate hike decision to upcoming FOMC meeting (15 June). Dollar index plunged concurrently with strong rebound of Gold. Unconvincing economy results have pushed market attention to safe heaven, gold.

Crude Oil:
Although US crude oil inventory declined for two consecutive weeks, latest OPEC rejection on further production freeze has put a cap on the recent run of crude oil. According to Energy Information Administration (EIA) forecast that new balance of crude oil could be hit by this year.

Singapore:
This was another silent week for local index. Downward channel still intact.


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