FX markets focus shifted yesterday towards the New Zeeland dollar, after the RBNZ lowered the interest rate by 50 basis points to 1%, signaling more downside in the near future and sending the NZD to 7-year lows versus the JPY and 4-year lows versus the dollar. FX markets are seeing a growing list of central bankers focusing now on “easing” monetary policies, trying to overcome the effect of the trade war and the overall negative effects of global growth slowdown. Most other FX markets traded a summer session, on low volumes and lack of participation. EU and Asian equity markets traded a positive session while US markets traded sharply lower at the open then reversed to close at daily highs and in positive territory, after trading as low as 1.5% in the early session. Commodities continue to be a place of high volatility as well, Gold traded yesterday above the $1,500 level for the first time since 2013, up $50 this week alone and looking as the high yield producing “safe heaven” for investors so far in 2019. Oil price took a steep dive yesterday, down nearly 5% after the inventories number showed a surprise increase in US stockpiles, however prices are rebounding this morning on expectations of OPEC new production cuts, in attempt to support prices. Oil traded at lows $50.5 per barrel and closed yesterday at $52.3, showing a perfect Double Bottom on the daily chart.
There is no important news on the agenda Thursday. (all times GMT).
|Global Markets 24 hours wrap-up|
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Oil entry short 55.1 trades 5% lower yesterday, showing perfect double bottom on daily charts, $2K plus winner
Retrying USDCHF long on reversal from Double Bottom on DAILY, the trade failed yesterday, low risk bull flag intraday pattern this morning
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