The dollar traded sharply lower versus FX markets yesterday, losing 0.45% versus majors following a chill in the US China trade deal and investors fearing the trade agreement won’t be signed before the Dec 15 target date set by US President Trump, and the deadline for a 15% additional tax on 160 billion of China goods to kick in. The “safe heavens”, CHF and JPY gained versus majors following the steepest selloff on global equity markets in more than 2 months, that’s in response to the US imposed tariffs on Brazil and Argentinian steel as well as proposed French tariffs by US President Trump in response to France taxing US tech companies. EU and US equity markets traded sharply lower yesterday, the DAX lost 2% and the tech heavy Nasdaq lost 1.12%. Metals gained marginally yesterday despite the weaker dollar and the move to safety as investors preferred the move into the CHF and JPY. Gold closed at $1,469 per ounce and Silver closed at $16.86 per ounce. Oil traded higher reversing some of the big losses on Friday, to close at $55.97 per barrel, that’s on OPEC+ announced plan to cut another 600,000 bpd until June, in an attempt to stabilize prices and supplies.
There is no important news on the agenda Tuesday. (all times GMT).
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NASDAQ futures higher this morning following yesterday selloff.
Oil traded higher after OPEC+ announcement for further production cuts in 2020.
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