The dollar traded higher Friday, closing the week positive after spending most of the trading week sideways, trading overall in very narrow ranges and closing lower versus the Sterling and Yen and higher versus the Euro. The results of central banks meetings are conclusive for the Euro, trading lower across the board, a success near term move by the ECB. Global equity markets traded lower Friday after US President Trump said he sees no urgency in closing the trade deal with China ahead of next year election and the Chinese negotiating team living the US earlier than expected. Metals jumped Friday nearly 1% on the trade news, sending Gold to a $1,515 per ounce close and Silver to a $17.8 per ounce close. Oil prices went to a wild swing last week, trading 20% higher on the Saudi oil facilities attacks and closing the week on a red note at $58.19 per barrel after Saudi officials calmed the markets on expectations of a swift return to normal production. The agenda is not a strong one this coming week and the US China trade war is expected to dominate the headlines this week as well.
French and German Flash Manufacturing PMI at 9:30 am, ECB President Draghi speech at 2:00 pm and FOMC Member Bullard speech at 6:00 pm are the important news on the agenda Monday. (all times GMT).
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Gold traded 1% higher Friday on the US China negative trade news.
Oil prices sharply lower after Saudi production levels turn to normal following last week attacks.
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