The dollar traded marginally higher versus majors yesterday as investors brush off any Trump impeachment noises. Most FX markets traded in very narrow ranges already gearing up for the low volumes Holiday season set to begin this week. Global equity markets traded a lackluster session as well, the S&P 500 closed lower 0.04% and the EURSXX50 closed lower 0.02%. Gold traded sideways all day to a $1,480 close and Silver closed 0.25% lower at $16.94 per ounce. Oil Inventories was the only market moving piece of news yesterday, that’s after a drop in US Inventories by 1.1 million barrels reported by the EIA, the Energy Information Administration. The relief following the US China trade agreement and OPEC+ production cuts pushed prices to 3-month highs and a $60.97 per barrel close yesterday.
UK Retail Sales at 9:30 am, the BOE rate decision at 1:00 pm and US Philly Fed Manufacturing index at 2:30 pm are the important news on the agenda Thursday. (all times GMT).
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The Sterling will be in focus for FX investors today as the BOE releases the rate decision at 1:00 pm this afternoon.
Lower than expected US OIL Inventories sent prices higher yesterday to a 3-month high close, $60.95 per barrel.
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