The dollar opened the last trading week of 2019 on a negative tone, trading lower versus FX markets as investors move into second tier currencies looking for better returns. Most markets are likely to continue trading in narrow ranges as we approach the New-Year holidays, and investors take time off from FX markets and some of the markets close for the rest of the week. Global equity markets traded lower in the Asian markets this morning and EU and US market futures look lower as well ahead of the pre last trading day of the year. Gold and Silver investors look for more gains following the dollar weakness and some move to safety, Gold closed at $1,516 per ounce and Silver at $17.86 per ounce Friday. Oil traded mostly sideways on Friday, supported by lower than expected oil inventories, down 5.5 million barrels vs 1.7 expected and the tensions in the middle East, however oil is trading at 3-month highs and investors fear a pullback after trading resumes following the New-Year vacation. Oil prices traded marginally higher on Friday to a $61.72 per barrel close.
US Chicago PMI at 2:45 pm is the important news on the agenda Monday. (all times GMT).
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Nasdaq investors will likely close 2019 at year highs with 36.78% returns.
Silver and metals investors expect more upside into 2020 on dollar weakness and global equity markets profit taking.
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