The dollar traded marginally lower and FX markets overall traded a lackluster session across the board. Most markets traded a narrow range and low volume session as investors look at the upcoming Retail Sales number and speech by ECB President Lagarde late in the afternoon. Global equity markets traded mostly sideways as well, US markets closed marginally higher and EU markets closed mixed, the EURSXX50 lost 0.16%. Metals closed the session higher, Gold at $1,556 per ounce and Silver at $18.01 per ounce, both higher on the weaker dollar and some move to “safety” as the earnings season unfolds in US and EU equity markets. Oil prices dipped following the release of the Inventories numbers, US inventories grew substantially versus expectations and US production levels hit all-time highs at 13 million bpd per day. OIL prices closed at $57.8 per barrel, at 5-week lows.
EU ECB Monetary meeting Accounts at 12:30, US Retail Sales and Philly Fed Manufacturing Index at 1:30 pm and ECB President Lagarde speech at 6:30 pm are the important news on the agenda Thursday, (all times GMT).
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Oil closed at 5-week lows yesterday as US production levels soars and Middle East tensions subside.
EU and UK equity markets traded at 2020 highs yesterday, looking to the start of earnings season this week.
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