Crude markets are trading higher ahead of the US holiday tomorrow, boosted by an unexpected US stock build. Despite some alleviation of concern, the market will be keeping an eye on potential supply risks due to Atlantic hurricanes.
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Republicans have a 56% chance of retaining House, - reflecting a “dead heat for the chamber” according to a new model launched by Split Ticket.
Figure 1: 2024 House Ratings
EURGBP is in consolidation mode and remains above last week’s low of 0.8484 (May 29). Conditions are unchanged and a bear trend is still in play. Key supports have recently been pierced; the 0.8500 pivot level, and an important support zone between 0.8498, the Feb 14 low, and 0.8493, the Aug 23 ‘23 low. A clear breach of these price points would strengthen a bearish theme. Initial firm resistance to watch is 0.8541, Friday’s high.