The dollar reversed lower from 2019 highs versus the Euro and Sterling following weaker than expected US data and another turn for the Brexit process, this time boosting the Sterling higher on another delay in the decision. Most other FX markets traded mostly sideways, excluding the AUD which got a boost from RBA’s decision to stay put at the 1% interest rate. Global equity markets traded lower in the US following the unclear US China trade path and weaker than expected data while EU markets traded mostly sideways and closed flat. Metals gained from the run to safety, Gold traded higher to close at $1,549 per ounce, at 2019 highs and Silver traded sharply higher to close at $19.2 per ounce, at 3-year highs and up more than 4% on the day. Oil traded sharply lower on global slowdown fears and weak US manufacturing data, closing at $53.9 per barrel after trading bellow the $53 level earlier, down more than 1.8% on the day.
CAD Trade Balance at 1:30 pm, UK Inflation Report at 2:15 pm and CAD BOC Rate Decision at 3:00 pm are the important news on the agenda Wednesday. (all times GMT).
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Silver long trade idea after pullback and “double bottom” pattern a big 4% winner yesterday
Sterling “hammer” reversal from 2019 lows on daily chart
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