The dollar traded lower versus majors as investors move into the Euro and Sterling, hoping for a move forward in the US China trade deal and for the UK Conservative party to go thru with the Brexit ongoing process. A Chinese report overnight painted a positive picture in the trade talks that have been a drag on global economies over the past 14 months. Most other FX markets traded a lackluster Monday session, trading mostly sideways on very little market moving news. US and EU equity markets traded mostly sideways, closing the trading day near the flatline, as expected from a low volume Monday session. Gold and Silver trader marginally higher on the weaker dollar, Gold closed at $1,471 per ounce and Silver at $17.04 per ounce. Oil turned sharply lower, losing 1.5% yesterday to a $56.84 close after a Reuters poll showed US inventories are rising for the 4th week in a row, putting pressure on a saturated market that shows record US crude production levels and no concrete signs of a global recovery and growth progress.
US Building Permits and Housing Starts at 1:30 pm and FOMC member Williams speech at 2:00 pm are the important news on the agenda Tuesday. (all times GMT).
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The Sterling traded higher yesterday in expectation of an upcoming Brexit resolution.
EU equity markets show strength ahead of the Brexit and the US China upcoming trade deal.
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