The dollar traded mostly higher versus major reversing the trend again as investors switch away from the AUD and Euro following the three day rally in the pairs. Most FX markets traded in narrow ranges awaiting news on the US china trade war and on the ongoing Brexit saga. Global equity markets traded higher across the board led by US technology stocks and the move higher on oil prices. Metals traded lower on a stronger dollar while OIL jumped for the first time over 50$ per barrel on optimism related to the US China trade war talks and OPEC production cuts. That’s ahead of the inventories number that will be posted today in the afternoon and most likely set the tone for OIL prices near term.
CAD Rate Decision and Press conference at 3:00 pm, Oil inventories at 4:30 pm and the FOMC meeting minutes at 7:00 pm are the important news on the agenda Wednesday.
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