Global equity markets rallied yesterday following news that US and China will restart the trade talks in October with high level officials, sending markets higher and “safe heavens” sharply lower as investors switch back to riskier assets. The JPY traded sharply lower versus majors, losing more than 1% on average. The dollar lost ground versus the Euro and Sterling, both sharply higher from 2019 lows over the past 3 trading days. The “no-deal” Brexit scenario is at this point off the table, sending the Sterling higher versus majors, the sterling climbed nearly 3% from 2019 lows versus the dollar this week alone. Metals traded sharply lower from 2019 highs on the move away from safety, Gold prices lost 2.15% and closed at $1,518 per ounce while Silver prices retreated from 3-year highs to close at $18.53 per ounce, down 3.74% on the day. Oil prices traded sharply higher on the positive US China trade news and the lower than expected inventories numbers, then prices started to trade lower to close at $55.33, near the flat line, as investors took profits off the table in the late session.
US NFP numbers and CAD Employment change at 1:30 pm and Fed Chairman Powell speech at 5:30 pm are the important news on the agenda Friday. (all times GMT).
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Sterling rallies 3% from 2019 lows this week, (“hammer” reversal on daily chart).
Nasdaq futures rally on US China trade news, talks to resume next month.
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