The dollar traded lower versus majors following weak growth figures coming out of Japan and China yesterday and no real progress made in dealing with the first phase of the US China trade agreement that may not close before Dec 15, when a new set of tariffs is set to take effect. The AUD traded sharply lower versus majors after a dismal rise in unemployment, sending investors fleeing into the dollar and JPY that gained more than 1% in the process. EU markets traded lower on disappointing GDP numbers, still EU indexes are trading at 2019 highs and looking strong this morning. US equity markets traded another flat lackluster session, awaiting more on the US China trade deal and ahead of US Retail Sales set to be released today. Gold closed higher at $1,471 per ounce and Silver closed at $17 per ounce, both up on a weaker dollar and a switch into “Safety”. Oil traded lower on another rise in US production levels, to new record highs of 12.9 million bpd per week. The increased in US inventories also helped offset the OPEC+ proposed production cuts, sending prices lower 0.5% yesterday, to a $56.86 per barrel close, the 11th day in a row where OIL prices trade sideways on daily chart.
US Retail Sales at 1:30 pm is the important news on the agenda Friday. (all times GMT).
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Gold looks weaker this morning, pulling back after a 3 day rally.
Oil continues to look for direction, trading now sideways for 11 days in a row.
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