The dollar traded mostly lower yesterday following the FED decision to stay put with the US interest rate at 1.75% and the dovish forward outlook – for zero rate hikes in 2020. Most FX markets reacted higher versus the dollar sending the index lower 0.3% to a 97 close, marginally above 3-month lows for the index. Global equity markets traded higher yesterday, the heavy tech Nasdaq closed higher 0.44% while EU markets closed higher 0.43% ahead of the upcoming major importance news today, the UK Elections and the ECB rate decisions, press conference and forward outlook. Metals traded sharply higher on the weaker dollar, Gold jumped to a $1,480 per ounce close, up 0.8% while Silver closed at $16.83 per ounce, up 1.34%. Oil traded lower following the Inventories number, that’s on higher than expected US inventories, up by 800,000 barrels versus a 2.8 million decline expected by Reuters forecast. Oil closed lower 0.7% at $58.84 per barrel as investors expect news on the US China trade and the upcoming December 15 tariffs for more clarity for oil demand near term.
UK Elections All Day, the SNB Press Conference at 8:30 am, The ECB Rate decision and Press conference starting at 12:45 pm, and US PPI at 1:30 pm are the important news on the agenda Thursday. (all times GMT).
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Gold traded higher yesterday on a weaker dollar following the dovish FED outlook.
Higher than expected US OIL Inventories sent prices lower yesterday ahead of major US China trade news over the weekend.
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