The dollar traded higher Friday and is looking strong opening the week ahead of the FOMC meeting Wednesday afternoon, gaining versus the Euro and Sterling and trading at 8-week highs versus the JPY. The decision on the Brexit seems to be getting away from UK PM Johnson, a step that will bring volatility to the Sterling and Euro and most likely dominate FX markets following the FED decision on Wednesday. On the dollar front, the third rate cut for the FED is already priced in, leaving future cuts on the table as well as overall monetary policy near term. US and EU equity markets traded higher Friday and are opening the week at all time highs for US equities, that’s on positive US China trade news and positive sentiment in global equities markets. Metals continued their move sideways and higher, for the 4th week in a row. Gold traded higher Friday but closed up marginally at $1,501 after a pullback of 1% from highs on Friday. Silver broke the $17.5 level and closed at $18.05 per ounce, up 1.4%. Oil closed higher for the 4th day in a row, closing at $56.7 per barrel and up 5% for the week, the biggest gain in prices in 5 weeks. Investors like the cooperation between Russia and Saudi Arabia, believed to be key to stabilizing outputs and implement the production cuts deal to support prices.
UK Parliament Brexit vote, (tentative), is the important news on the agenda Monday. (all times GMT).
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Nasdaq futures jump to all time highs this morning on US China trade optimism.
Oil trades higher 4 days in a row on OPEC+ production cuts and US China trade optimism.
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