The dollar traded sharply higher versus emerging markets and growth currencies and lower versus the JPY and GBP following a wild close of the week in FX and global equity markets. Weak EU manufacturing data set the negative tone early on Friday, then US yield curve turned negative for the first time since 2008 sending recession fears in the financial sector and sending big banks to a bid selloff day. Investors turned to the safety of the JPY and fled emerging markets and grow currencies that have seen the biggest drop in their value so far this year. Global equity markets took a downturn from 2019 highs lead by financials and technology stocks, down 2.5% on the day. Oil investors took also profits off the table on global slowdown fears while metals traded mostly sideways despite global equity markets weakness. Oil closed at 58.97$ per barrel Friday.
There is no important news on the agenda Monday. (all times GMT).
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