US technology sector strength pushed the Nasdaq back to all-time highs and reversed the morning trend for global equity markets yesterday. The Nasdaq closed in the green and the US dollar was again the winner in the FX markets as investors favor any thing that says buy the US economy over the alternatives. Most FX markets traded a flat day yet the dollar index was up for the 12-th day out of the last 14 trading days, closing at 99.42 yesterday. EU equity markets reversed the weak open and Japan and Asian equity markets are up this morning following the strong US close yesterday. Gold and Silver turned sharply higher yesterday, Gold closed at $1,602 per ounce and Silver at $18.16 per ounce as investors diversify into metals over the CHF and JPY. Oil closed the day marginally higher after a red open , that’s on expectations that the corona virus effect will be brief, more US sanctions on Venezuelan oil and the expected production cuts from OPEC+ to effect the market. OIL close at $52.36 per barrel, up marginally on the day.
UK CPI at 9:30 am, CAD CPI at 1:30 pm, US Building Permits at 1:30 pm and the FOMC Meeting Minutes at 7:00 pm are the important news on the agenda Wednesday, (All times GMT).
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Gold and Silver traded sharply higher yesterday despite the rebound in global equity markets as investors prepare for the worst, expecting a global ecomic slowdown on the corona virus epidemic.
EURSXX50 is back to 2020 highs folllowing the footsteps of US equity markets.
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