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Tuesday, July 23, 2019

Thought of the day: Dare to Dream

Good Morning Traders.

Thought of the day: Dare to Dream.

USD/JPY - The dollar drifted higher on Monday as investors tempered their expectations for deep U.S. interest rate cuts this month and heightened Middle East tensions supported safe-haven assets. The dollar broke above 108 yen to hit its highest since Wednesday, though that was still in the middle of the 107-109 range where it has traded for a month.

GBP/USD - investors are waiting to see if Boris Johnson wins the British Conservative Party's leadership ballot. The pound held around $1.2502, staying on a slippery slope since mid-March as fears of a hard Brexit have gathered.

EUR/USD - The EURO fell against the rebounding dollar on Friday as investors ramped up bets for a European Central Bank interest rate cut. The ECB would wait to cut rates until the Fed had done so. The bank may wait on making any significant changes in policy until incoming ECB chief Christine Lagarde has been installed.The euro was 0.47% lower at 1.122.

Energy (Oil) - Oil prices rose on Monday on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported the shut down of its largest oil field. Brent Crude futures climbed 85 cents, or 1.4%, at$63.32 a barrel by 0404 GMT. The international benchmark rose by $1 earlier. West Texas Intermediate (WTI) crude futures were up 47 cents, or 0.8%, at $56.10 a barrel. WTI fell over 7% and Brent fell more than 6% last week.

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