Global equity markets closed the trading day yesterday with steep losses however markets seem to be rebounding this morning from overnight lows after the Bank of China set the YUAN at 6.9683, higher than expected by Reuters estimates, signaling a pullback from the currency war declared by US President Trump yesterday as currency manipulation. FX markets voted for the Euro and “safe heavens” yesterday, the Euro was a winner across the board while the selloff in global equities markets lifted both the CHF and JPY. US and EU equity markets traded sharply lower, closing the day as the 6th worst day ever for the DOW, the Nasdaq lost nearly 3.5% and all leading sectors other than Gold and Silver traded in negative territory. Gold investors enjoyed the vast move to safety as prices moved to fresh 2019 highs, trading above $1,470 per ounce level, before pulling back 1% this morning. The only commodity than didn’t give in to the selloff was Oil, that’s on fresh tensions in the Middle East and a declaration by the US Defense Minister that US will stand by its allies against Iran aggressions. Oil prices closed at $54.92 per barrel yesterday.
There is no important news on the agenda Tuesday. (all times GMT).
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NASDAQ futures took a 3.5% dive yesterday yet look to be rebounding this morning
TRADE of THE WEEK: The EURO broke to fresh 2019 highs versus the Sterling, stop loss updated to 9196
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