FX markets and global equity markets traded a reversal day yesterday, the dollar traded higher versus “safe heavens” and lower versus emerging markets, suggesting back to normal business short term following the biggest selloff of the year Monday. US equity markets led by the Nasdaq traded sharply higher after six loosing sessions while Asian and EU markets stopped the bleeding in the equities markets, trading an inside day. The mid-point YUAN have been set at under 7 by China’s central bank, slightly lower than expected. Metals continue to be a go to place for investors, Gold prices traded higher again yesterday, to fresh 2019 highs of $1,478 and are trading at $1,485 this morning, levels Gold hasn’t seen since 2013. Oil prices traded sharply lower yesterday, as investors fear more slowdown in the global economy as a result of the US China trade war. The move lower in prices was offset by a higher than expected fall in US stockpiles, down 3.4 million barrels. Oil closed at $53.42 per barrel, at 2-month lows, ahead of the Inventories numbers today in the afternoon.
FOMC member Evans speech at 1:30 pm and Oil Inventories at 2:30 pm are the important news on the agenda Wednesday. (all times GMT).
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Oil entry short 55.1 trades 1.5 dollar lower yesterday ahead of the Inventories numbers today
USDCHF long on reversal from Double Bottom on DAILY
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