The dollar traded marginally lower versus majors yesterday as investors look at the EU UK Brexit meetings set for today and tomorrow and at US economic data, the Philly Manufacturing index will shed more info on that today before US markets open. The CHF, JPY, Gold and Silver all gained yesterday on a weaker dollar as the markets are pricing in another FED rate cut coming up later this month. US and EU equity markets traded mostly sideways, taking a breather after yesterdays strong close and gearing up for more earnings set to come out this week from major US bellwether stocks. Gold traded higher to a $1,489 close and Silver closed at $ 17.33 per ounce, that’s on the weaker dollar. Oil prices will be in focus today with the release of Octobers Inventories numbers. OPEC pressure to stabilized prices has gone wrong so far as investors worry from US all time high production levels and global slowdown worries. OIL closed marginally higher at 53.03 per barrel yesterday.
EU Economic Summit all day, UK Retail Sales at 9:30 am, US Philly Manufacturing index at 1:30 pm and Oil Inventories at 3:30 pm are the important news on the agenda Thursday. (all times GMT).
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DAX futures are trading at 4 month highs breakout levels this morning.
Oil prices steady ahead of the Inventories numbers today in the afternoon.
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