The dollar traded mostly sideways versus majors, gaining versus “safe heavens” following another move higher in US equity markets backed by strong retail earnings, a fresh surprise for the US marketplace. The JPY traded lower across the board, that’s on the move away from safety and following the FOMC meeting minutes that rebuffed the expectations of a dovish Fed moving fast towards lowering the interest rates. The upcoming Jackson Hole speech by Fed Chairman Powell is the next big thing for investors, this coming Friday. EU and US equity markets traded higher on strong earnings and a possible merger in the EU auto business, Fiat and Renault are in talks. Metals traded mostly lower on profit taking and investors stepping away from safety, Gold prices closed down marginally at $1,503 per ounce. Oil traded sharply lower following the release of the Inventories numbers, despite the drop in Inventories by 2.7 million barrels, versus 1.8 expected. On the negative side, gasoline and distillate supplies grew, as well as global worries of a slowdown in demand. Oil prices closed at $55.86, after trading above the $57 level earlier, that’s despite the positive US markets price action all day.
EU Flash manufacturing and service PMI at 8:30 am and US Jackson Hall symposium- all day, are the important news on the agenda Thursday. (All times GMT).
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THE BIG 4 – trending water all week ahead of the Jackson Hall speech by Fed chairman Powell tomorrow
GOLD long trade idea, using clear 1,490 support level for an $8 risk on the trade still in play
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