(25 MAY 2020)DAILY MARKET BRIEF 2:WTI crude consolidates

<p>Gold remains bid near the $1725 per ounce, as investors believe that the upside potential could be unlocked with a renewed landslide across global equities. Yet, anything less than a sizeable and durable risk sell-off should maintain the top-sellers in place approaching the $1750 mark.
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<p>The foreign exchange markets saw little action in the overnight trading session.</p>
<p>The euro’s failure to beat the $1.10-offers (the 200-day moving average and solid psychological resistance) last week continues pulling the single currency lower against the greenback. The EURUSD is testing 1.0880, the 50-day moving average support, on firming US dollar demand. The latest CFTC data printed a third consecutive week retreat in long EUR speculative positions, while the solid positive skew in euro positions hints that there is potential for a further euro sell-off if renewed risk-off moves rekindle a flight to the USD safety.
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