The dollar traded higher for the second day in a row following FED Chairman Powell hawkish tone and no clear site if and when the FED will move lower on interest rates. FX markets responded with a move into the US dollar however the reaction was a mild one and not even one market moved beyond the average daily range, signaling more choppiness ahead for FX markets in 2019. Global equity markets traded lower from 2019 highs as investors took the hawkish FED as an excuse to take profits off the table. Metals traded lower on the stronger dollar and the biggest loser on the day turned to be OIL, down more than 3% on the day following record production numbers coming out of US shell, up 2 million bpd over last year production and some supply increases coming out of Russia. Oil prices took a dive to close at 61.52$ per barrel yesterday, signaling a possible trend reversal in prices on weekly chart.
US NFP at 1:30 am and US ISM Non-Manufacturing at 2:00 pm are the important news on the agenda Friday. (all times GMT).
Swing trades follow up