The dollar traded mostly sideways versus majors following another set back in the process of achieving the US China long coveted trade agreement. US President Trump suggested he is in no rush to sign the agreement, letting the markets conclude that the upcoming tariffs on DEC 15 are very much on the table. Global equity markets reacted with another selloff day, the second in arrow this week. The DJ lost more than 1% and EU markets lost 0.5% on average. Next for the markets ahead of the upcoming fresh US China trade talks the NFP numbers on Friday, set to light on the US economy performance as 2019 comes to an end. Metals traded sharply higher on a flat dollar and the rush to safety, Gold closed at $1,485 per ounce, up near 1% and Silver closed at $17.15, up near 2% on the day. Oil traded mostly sideways ahead of the Inventories numbers today in the afternoon, closing at $56.26 per barrel, that’s on expectations of a reduced inventories number and OPEC+ pressure for more production cuts.
US ADP Employment change at 1:15 pm, CAD BOC Rate Decision and US ISM Manufacturing at 3:00 pm and Oil Inventories at 3:30 pm are the important news on the agenda Wednesday. (all times GMT).
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Gold and Silver traded sharply higher yesterday on a rush to “safety”
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