The dollar traded sharply lower versus majors following the release of the FOMC Statement that shed light on a suddenly dovish Fed, as portraited in the projection of zero rate increases for 2019 and one for 2020. The euro spiked over the 1.14 level after trading as low as 1.11 three weeks ago following the ECB meeting. The path to the dovish Fed was paved by both the ECB and by the weaker than expected NFP two weeks ago alongside fears of a Chinese economic slowdown. EU equity markets traded lower yesterday, ignoring tech leadership in the US and fresh 2019 highs for the Nasdaq. Metals traded sharply higher following the dovish Fed, Gold managed a 17$ move on the news to close at 1307$ per ounce, up more than 1.5%. Oil traded over the 60$ per barrel level for the first time in 2019 following a weak US crude production number, the US sanctions on Venezuela and a drop by nearly 10 million barrels on US stockpiles.
EU Economic Summit all day, SNB rate decision at 8:30 am, UK Retail Sales at 9:30 am, BOE rate decision at 12 noon and Philly Manufacturing index at 1:30 pm are the important news on the agenda Thursday. (all times GMT).
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