The dollar traded lower versus majors and higher versus emerging markets as investors move into safe heavens following another rout in global equity markets led by the big technology stocks that now are following the Chinese internet stocks into bear market territory. All global equity markets moved lower yesterday triggering a move into safety as the JPY and CHF seem the obvious candidates for that. Metals also moved higher on a softer dollar and Oil closed higher for the fourth day in a row after a positive IEA report and expected OPEC production cuts yet the pressure of US increased production to new record highs and a fear of an economic slowdown are keeping prices in check. Oil closed at 57.4$ per barrel yesterday.
UK Inflation Report at 9:30 am is the important news on the agenda Tuesday.
Swing trades follow up
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