Commodities Daily - April 6, 2018
Oil driven by trade dispute news; correction likely as Trumps maintains threatening tone. We expect uncertainty caused by the trade dispute to drive Brent down toward $67/bbl today. Further downside is likely in the event of a swift Chinese response.Gold brushes off latest salvo in trade war overnight, returns to tracking the dollar this morning. Trump’s latest comments overnight have rattled markets, but gold’s reaction proved short-lived. Attention has turned to today’s US labor market statistics. Given expectations of EUR/USD dipping to 1.215 today, we see gold retreating closer to $1,315/oz.
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