After a choppy Monday, US Crude Oil price reached a new high at $60.30 and closed at $58.84. Today OPEC+ officially announced to maintain production scale for another 9 months until April 2020. The impact of this agreement outweighs the economic trend uncertainty.
Two days after G20 summit closed, US Trade Representative Office (USTR) proposed a $4 billion product tariff on the European Union’s aircraft subsidies. This highly influenced market risk aversion to heat up and pushed US Dollar index to break through 96.00 to 96.35.
The Reserve Bank of Australia announced a cash rates cut by 25 basis points to a historic low of 1%. This decision aimed to stimulate the economy and lower the unemployment rate. AUDUSD exchange rate rose. RBA forecasted a 2% inflation rate in 2020.
Together, the prospects for trading are getting better. USD benefited the most and have a highest single-day rise since March while Euro and gold were hit.
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