The dollar traded higher versus majors, opening the trading week at 2-year highs, sending “safe heavens” lower as investors move into the dollar on expectations of a hawkish Fed this month sending the dollar higher versus most FX markets. US and EU equity markets traded higher erasing most of Friday losses after the White House shrugged the idea of limiting US investments in China, the reason for Friday’s move lower in the indexes. Most of the trade was in very narrow ranges, a typical lackluster Monday session. The biggest losers on the day were Gold and Silver, both trading lower and breaking multi week support levels. Gold lost more than $40 over the last 3 sessions, closing at $1,473 yesterday and trading at $1,460 this morning, at 2-month lows. Silver traded lower more than 3%, to close at $16.88 per ounce, down more than 13% from year highs $19.5 per ounce, just 4 weeks ago. Oil traded sharply lower on global recession fear as the US China trade war continues to take its tall on demand and following Saudi Arabia reinstating full production capacities. Oil closed at $54.2 per barrel, closing the 20% gap that opened 2 weeks ago on the Saudi infrastructure attacks.
US ISM Manufacturing PMI at 2:00 pm is the important news on the agenda Tuesday. (all times GMT).
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Oil closed the 20% gap that opened 2 weeks ago on the Saudi infrastructure attacks.
Nasdaq futures reverse Friday losses after White House denies China investments restriction program.
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