The dollar and most FX markets traded another lackluster session, the fourth in a row this week as investors stay mainly on the sidelines ahead of the US China trade news and the upcoming Brexit vote in the UK. Global equity markets traded mostly lower yesterday and the NIKKEI is the only major market trading in the green over the last 24 hours. The mixed and unclear US China trade news as well as some minor profit taking at 2019 highs are the reasons we see no participation and very low volumes and narrow trading ranges in global equity markets. Gold traded to a $1,466 per ounce close yesterday while Silver closed at $17.1, both closed marginally lower on day. Oil prices saw the second day in a row of sharp gains after a sharp selloff Tuesday, that’s on news that OPEC+ will most likely reach an agreement for further production cuts in their upcoming Vienna Dec 5 meeting. The big draw down in US stockpiles at Cushing Oklahoma, the delivery point for WTI futures also put some pressure on WTI prices, sending them up 2.14% to a $58.23 per barrel close, at 8 week highs.
EU Flash Manufacturing PMI at 10:00 am, CAD Retail Sales at 1:30 pm, and US Flash Manufacturing PMI at 2:45 pm are the important news on the agenda Friday. (all times GMT).
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Oil prices up 4% over the past 48 hours on expectations for OPEC+ production cuts and lower US inventories.
Gold trades higher this morning on global markets weakness and a flat dollar.
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