• Crude oil is trading at 31.15 after reaching 33.53 overnight following comments from Saudi oil minister that ruled out production cuts anytime soon.

• The drop in Oil prices drags also stock markets down with Dow Jones closing -1.14% and S&P 500 -1.25%. Earlier today, Nikkei closed down -0.85% dragging also USDJPY to 111.62 on safe haven flows.

• GBPUSD remains the weakest currency of the block on Brexit worries with the pair Breaking 1.4000 for the first time in 7 years. GBPUSD dropped to 1.3962 lows.

• The euro is on pace for a third straight day of decline in Asia, down 0.04% at $1.1016. It has fallen against the USD in eight of the past 10 sessions.

• GOLD rose today to $1232 as the yellow metal benefits always from falling stock market and negative investor sentiment.

• Looking ahead, data wise is not the busiest of days, we do however have US housing numbers later throughout the day. As in the last months, currency markets will be driven by sentiment in OIL and stocks.