The euro ended last week with gains against the dollar as markets were relieved that the Eurozone’s third largest economy finally formed a government and signaled they were not leaving the euro. EUR/USD recovered quickly from sub-1.15 levels to 1.18.
Following a 2-day meeting of the G7 member countries that ended on Saturday in Quebec, Canada, President Trump fired off angry tweets against America’s closest allies. He accused the Canadian Prime Minister as being "very dishonest and weak", creating the scene for a looming trade war with America’s neighbours. The Canadian dollar was naturally impacted and weakened against the greenback in early Monday trading.
In the commodities, space, crude oil remained under pressure last week on expectations of an increase in global output. Markets await the OPEC meeting due on June 22 in Vienna for the decision. WTI hovered near its lowest since April, trading in the $65 area.
G7 Meeting Wrapped up Eventful Week
Weekly Report - 11/06/2018