The dollar traded higher versus majors as investors seek more on the US China trade war and the negotiating process that’s set to continue this week and high officials from both sides will join the discussion on Thursday and Friday in DC. The dollar traded marginally higher from 5-day lows and most of the trading day was spent sideways, on very little volumes and narrow trading ranges. “Safe heavens”, the JPY and CHF are also on the watchlist for investors as well as the GBP, on expected Brexit news this week. EU equity markets traded higher on trade news optimism while their US counterparts traded mostly lower, seesawing all day on trade news and rumors. Metals traded lower on the stronger dollar, Gold closed lower 1% at $1,492 per ounce and Silver closed at $17.26 per ounce, both will be eyed all this coming week in case the trade news go sour. Oil investors finally saw the green on their daily column, that’s after 12 straight days lower, that’s near the $50 support level, on OPE supply worries, a result of Iraq, the second largest OPEC exporter unrest and in expectations of positive US China trade talks. Oil closed higher nearly 0.5%, at 54.06 per barrel.
US PPI at 1:30 pm and Fed Chairman Powell speech at 6:50 pm in Denver are the important news on the agenda Tuesday. (all times GMT).
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Higher volatility is expected as US China trade talks resume this week.
USDDKK long trade idea from clear support level on daily and intraday charts.
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