The dollar traded mostly sideways versus majors as investors look for fresh US China trade war news, the inverted yield curve and the offshore Yuan for clues as to the next move in FX and global equity markets. Most FX markets traded in narrow ranges, trading a typical late summer low volumes session without any major driving news on the agenda. The sterling was a 0.5% plus mover yesterday, higher on positive Brexit news and the return to calm in the talks with the EU. Global equity markets went thru a mixed day, US markets traded lower of after a strong open while EU markets traded mostly higher and Asian markets were flat overnight. Gold made a strong move higher in the morning session, closing above $1,543 per ounce then pulling back to the $1,530 level overnight while OIL traded sharply higher ahead of the release of the Inventories numbers today in the afternoon after an inventory report by API showed a surprise and sharp 11.1 million barrels fall in US stockpiles, versus only a 2 million fall expected. Oil prices closed the trading day at $55.66 per barrel and more volatility is expected today with the release of the Inventories numbers at 10:30 am US.
US Oil Inventories at 2:30 pm is the important news on the agenda Wednesday. (all times GMT).
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“BULL FLAG” on OIL formation on 1 hour chart, LONG ahead of the Inventories numbers today at 10:30 am US
Nasdaq futures consolidating this morning
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