North Korea lashes out at US over sanctions

On Thursday, North Korea denounced US calls enforcing international sanctions despite its goodwill moves and stated that progress on denuclearization promises could not be expected if the US followed “outdated acting script.” Pyongyang also accused US negotiators of going against the intentions of Trump and the spirit of the summit in Singapore. The North further added it is “expecting any result while insulting the dialogue partner” was “a foolish act that amounts to waiting to see a boiled egg hatch out.” The White House, however, did not respond to requests for comment.

source:CNBC, reuters

According to the International Energy Agency (IEA), a US plan to impose targeted crude, crude sanctions against Iran could significantly impact global supply and exhaust the world’s spare oil capacity cushion. The IEA’s closely watched report comes shortly after “the reintroduction of U.S. sanctions against Iran, which from November will also include oil exports.” On Tuesday, President Trump’s administration reinstated sanctions targeting the Iranian government’s purchase of US dollars, along with Tehran’s trade in gold and other precious metals.

The price of bitcoin continues to decline on Friday’s session and moves towards a record low of $6,400 on the crypto market. Meanwhile, the overall prices of cryptocurrencies were seen mixed on Friday after losing 10% of the market cap this week following US SEC’s announcement to postpone a crypto ETF decision. Ethereum, Ripple and Litecoin also plunged on the market. Following yesterday’s selloff, the market value of cryptocurrencies has fallen to about $600 billion since its peak in January.

Technical Analysis

UKOIL

UKOIL

Oil prices dipped on Friday on worries that an escalating trade dispute between Washington and Beijing will stall economic growth and demand for fuel. The international benchmark, the Brent crude was down by 0.3% to $71.89 a barrel. The Brent is set near a 2% fall for this week, following a bearish trend throughout Wednesday’s session. If the commodity continues to fall, it will reach towards the 70 level in its upcoming sessions.

AUD/USD

AUD/USD

The AUD/USD pair continues to decline since Wednesday’s session as it moves towards a record low of $0.73200. It moves away from recent record levels it gained after the Reserve Bank of Australia communicated its interest rate decision. The currency pair is expected to drop further through the rest of today, closing this week to a lower price range. It would however gain enough support towards the 0.73 region.

USD/RUB

USD/RUB

The USD/RUB pair has been recording a positive trend throughout this week after it edged higher through Wednesday’s session. The US dollar is seen weaker after it rose overnight to near a 13-month high, while the Russian Ruble edged lower after Washington is reportedly planning to impose fresh sanctions on Moscow. However, this led to a rise in the price of the USD/RUB pair which moving towards the 67 level today.

Things to watch on the market

Tip 1

UK reports its second-quarter Gross Domestic Product (GDP) at 08:30 GMT.

 

Tip 2

Canada reports its Employment Change for July at 12:30 GMT.