The dollar traded sharply lower versus majors following the FOMC meeting and the Fed moving lower 25 basis points on interest rate to 1.75%. Despite the indication from the Fed that there will be a stop in further cuts, the markets took the statement as a dovish one as investors move aggressively out of the greenback following the announcement. The Euro and sterling traded higher for the fourth day in a row this week, closing October with significant gains versus the dollar, the sterling gained 3% versus the dollar in October. Global equity markets closed another lackluster session at 2019 highs, better than expected earnings from tech giants Facebook and Apple sent the Nasdaq to fresh all-time highs overnight. Metals traded mostly higher and sideways despite the weaker dollar that’s on investors move away from safety, Gold closed at $1,495 per ounce and Silver at $17.7 per ounce, both up marginally on the day. Oil traded lower nearly 1% on a surprise build up in US crude inventories, inventories rose 2.7 million barrels versus expectation of a 0.5 million build. Oil prices closed lower at $54.87 per barrel, the third day in a row in the red this week.
CAD GDP at 1:30 pm and US Chicago PMI at 2 :45 pm are the important news on the agenda Thursday. (all times GMT).
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Nasdaq futures jump to all time highs overnight on better than expected Facebook and Apple earnings.
Sterling higher 3% versus dollar in October and up on the dovish FED decision last night,
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