The dollar traded sharply lower following comments from Fed Chairman Powell signaling rates are nearing neutral and an overall dovish environment for future rate increases. The speech triggered a move lower for the dollar across the board reversing last week course and leaving investors expecting for more on the release of the FOMC minutes tonight. US equity markets responded with a sharp move higher led by technology stocks and an expected rebound effect for EU and Asian markets this morning. Metals traded higher on a weaker dollar and OIL took another leap lower following another increase in US inventories to 450 million barrels, at 12 month highs and worries of an oversupply near term market situation. Oil closed at year lows, 50.48$ per barrel.
ECB President Draghi speech at 9 am and the FOMC meeting minutes at 7:00 pm are the important news on the agenda Thursday.
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