The dollar opened the trading week on a positive tone, trading higher versus majors on an otherwise lackluster trading day, narrow trading ranges and low volumes due to the fact that US banks were closed in remembrance of Columbus Day. Most other FX markets traded a low volume narrow range session as well, looking ahead at the upcoming Brexit talks and the next Fed meeting later on this month. US and EU equity markets traded mostly sideways, taking a breather following the 3-day rally last week and awaiting more clarifications on the US China deal. Metals traded higher, Gold closed at $1,493 and Silver at $17.66 per ounce, that’s after last week pullback and looking for another move to “safety”, if global markets will pullback on disappointing US China trade news. Oil traded sharply lower following OPEC decision to cut demand forecast, that’s for the third consecutive month in a row and weaker than expected China exports data, while imports contracted as well. Oil prices closed lower at $53.51 per barrel, down 2.3% on the day and Oil futures show more weakness in the overnight session, trading at $53 per barrel this morning.
UK BOE Gov Carney speech at 9:30 am and EU ZEW Economic Sentiment at 10:00 am are the important news on the agenda Tuesday. (all times GMT).
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Nasdaq futures steady after last weeks 3 day rally.
Oil 2.3% lower after OPEC downgrades global demand forecast for the third month in a row.
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