USD dollar in a bottoming process as the US Federal Reserve becomes more proactive with monetary policy. Euro primed for decline as investor positioning is extremely overcrowded despite measured European Central Bank (ECB) rhetoric.
In late May, OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil producers agreed to extend production cuts through April 2018 in the face of oil inventories that remain well above average.
After hitting a seven week high early in the month but failing to breach the USD 1300 psychological level, gold pared back most of its gains as the USD started to firm in the aftermath of the lifting of a few uncertainties.
Led by the Organization of Petroleum Exporting Countries (OPEC), 21 nations have been trying to reduce crude production by almost 1.7 million barrels a day since November 2016 and have achieved an average compliance rate of 96%.