The dollar index traded sharply lower on news that the EU has reached an agreement on emigration policies. The Euro traded sharply higher on the news, closing above the 1.1650 level on its biggest move versus the dollar in more than a month. EU markets responded with a move higher across the board yet it seems that the effect of the move will be short lived as EU and Asian futures are pointing sharply lower Monday morning. That’s on trade fears in Asian markets and political woes in Germany. Oil managed another positive close Friday, closing above 74$ per barrel, at three year highs. Metals traded higher on the weaker dollar yet the move was capped and it seems investors shy away from Gold in this trading environment.
UK Manufacturing at 9:30 am and US ISM Manufacturing at 3:00 pm are the important news on the agenda Monday.
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