In mid -May, the US dollar It has been slightly appreciated compared to the main currencies, in the wake of the news relating to the relaxation between the United States and China on the commercial front. The duties were reduced, granting a 90 -day period to deal with the issues below. This is the last revocation of the tariff measures and the markets have interpreted it as a positive development for risk sentiment. The shares recorded a rise and the refuge currencies have undergone a brief correction.
Dollar, gold and oil
Underlines it Peter Kinsella Global Head of Forex Strategy, UBP Explaining that “This retracing the US dollar was not supported. Korean negotiators They revealed that the US administration raised the issue of the Cornare currency regime during recent commercial interviews, indicating that these agreements could be linked to the progress made in achieving the lower US dollar change rates against the main commercial partners “.
What prospects?
As for the Swiss Franco – explains the expert – The president of the Swiss National Bank Schlegel recently observed that the rates of the elevetic currency have appreciated “a lot”, and this could presage an increase in declarations aimed at reducing the pressure up to the Swiss Franco. We plan that the SNB could actually intervene briefly on the exchange rate before taking into consideration the reintroduction of negative storage rates.
How much laurel “It dropped to levels slightly lower than $ 3,200 on the ounce, reflecting the improvement of the sentiment on the risk and a short -term positioning change, from yellow metal to actions. We suspect that the decline will be short -lived. The prospects for demand for gold remain solid, with consumers and central banks that will probably take advantage of this moment of weakness to buy”.
UBP View
The Brent It went down to levels slightly lower than 60 dollars a barrel in early May, explains Kinsella stressing that “The drop reflects the decision of the OPEC to add another 411,000 barrels per day to its production shares. Traditionally, Saudi Arabia has always given priority to the maintenance of its market share during periods of weak demand, and we suspect that this was the main reason underlying this decision. Historically, these decisions are strategic, which means that we can foresee continuous drops in prices in the coming weeks and in the coming months; We plan that the oil price It will descend to levels of about 55 dollars per barrel “.
