The dollar is opening the trading week sharply higher following the positive outcome of the G20 meeting between US President Trump and China leader Xi Ping Saturday. The leaders agree to pursue the trade talks without any additional tariffs and the overall positive sentiment between the two sent the dollar higher versus FX markets, gaining more than 0.5% versus majors. Global equity markets responded with a sharp move up in EU and US futures while Asian markets traded higher as well. Gold prices took a sharp dive over the weekend, that’s on a run away from safety and the stronger dollar, Gold prices lost over $20 over the weekend and are trading at bellow $1,390 this morning. Oil prices gapped up over the weekend on the trade news and increased optimism over global demand as well as the agreement between Russia and Saudi Arabia to extend the supply cuts agreement for another 6 months, until the end of 2019. Oil prices are trading at $59.9 per barrel this morning.
OPEC meetings all day and US ISM Manufacturing PMI at 1:30 pm are the important news on the agenda Monday. (all times GMT).
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