The US Dollar index was down 0.20% at 93.72 on Thursday after U.S president Trump called off the historic June 12 summit in Singapore with North Korean leader Kim Jong Un, the meeting would have been its first face-to-face between the two. In Trumps letter addressed to “His Excellency” he wrote “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting”. Adding “Your talk of nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used”.
US stocks and equities also fell during the New York session on the back of this with most losses witnessed in the Oil & Gas, Financials and Healthcare sectors. Biggest losers included Exxon Mobil Corp down 2.29%, JP Morgan Chase & Co also down 1.12%. Equites managed to rebound somewhat from the lows later in the day.
Meanwhile in commodities, Gold Futures were up with the yellow metal jumping above $1,300 per ounce as the US Dollar faded, the Fed meeting minutes that appear to be hawkish on interest rates provided gold some support. Crude oil sharply lower as reports of OPEC and its allies were considering scaling back production cuts to counter a possible shortage in global supplies. The pending U.S. sanctions on Iran is another risk to global oil supplies that has added $5 to $7 barrels to the price of oil.