(12 JUNE 2020)DAILY MARKET BRIEF 2:USD up.

<p>WTI crude slipped below $35 per barrel as oil investors scaled back their expectation of improved demand on rising risk of a renewed halt in global economic activity. The barrel of WTI found buyers near the 100-day moving average ($34.70). The trajectory of oil will depend on news and developments regarding the resurge in Covid-19 cases. A confirmed second wave should have another smashing effect on oil prices and send the price of a barrel tumbling to $20, again. Curiously, gold remains capped by a rock-solid resistance prior to the $1750 per oz. Failure to gain momentum on the back of an extended sell-off in global equities should point at an exhausted upside potential and pull the price of an ounce back to $1670/1650 area. The EURUSD fell below the 1.13 mark on improved US appetite. Thursday’s Eurogroup meeting remained inconclusive about the European Council’s latest proposal of a 750-billion-euro recovery fund. Countries must come up with a decision before July 9. But the longer t</p>