The dollar traded lower versus majors as investors fear the impeachment process versus US President Trump and the implication of the process on the US economy as well as global recession fears following the weak manufacturing and hiring data coming out of the US and Europe. “Safe heavens” gained across the board yesterday as investors switch again into the CHF and JPY, Gold and Silver. The CAD was also on the losing side yesterday, as investors move out of the CAD, down 1.5% versus the JPY for the more stable FX markets and “safe heavens”. US and EU equity markets went thru a second big losing day in a row, EU markets traded lower nearly 3%, the worst losing day in more than 2 months and US equity markets traded lower more than 1.5%. Metals rebounded sharply on the move to safety, Gold closed higher at $1,500 per ounce after a $40 rebound in 48 hours and Silver traded up nearly 2% and closed at $17.42 per ounce. Oil stayed on the losing path, now down 10 days in a row and trading at 2-month lows. Investors fear a global slowdown and excess US and Russia production levels will also temper with OPEC attempts to stabilize prices. Oil inventories coming higher than expected at 3.1 million barrels, also contributed to the pressure on prices and Oil closed at $52.45 per barrel, down 20% over the past 16 days.
US ISM Non-Manufacturing PMI at 2:00 pm is the important news on the agenda Thursday. (all times GMT).
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DAX “bear flag” short worked yesterday, Stop Loss lowered above new “bear flag” this morning.
Oil trading at 2 month lows this morning after another red day yesterday on global recession fears and higher than expected inventories numbers.
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