The dollar traded mostly higher versus majors following a tumulus day in global financial markets, starting with ECB president Draghi statement that the ECB will probably need to get back to the easing policies once again, signaling more dovish sentiment towards the Euro. The speech propelled EU equity markets sharply higher, then US President Trump twitted that he is going to meet with China leader Xi Ping next week at the G20 meeting in Japan, triggering a wave of buying in US equities, propelled by Nasdaq leaders and the move basically eliminated all losses of the markets in May. Metals traded higher ahead of the FOMC meeting tonight and Oil took a 4% plus leap on Trump news, as investors now expect a US China move towards the trade war resolution, maybe as soon as next week. Oil Inventories numbers, out today in the afternoon will shed more light on US Stockpiles and production levels. Oil closed yesterday at 54.29$ per barrel, the best day for Oil in more than 2 months.
UK CPI at 8:30 am, CAD CPI at 1:30 pm, ECB President Draghi speech at 2:00 pm, Oil Inventories at 2:30 pm and the FOMC Statement at 6:00 pm are the important news on the agenda Wednesday. (all times GMT).
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