The dollar traded mostly sideways and all other FX markets traded a lackluster session ahead of the ECB rate decision and immediately following press conference today at noon. The Euro is sitting above the 1.11 major breakdown level on the daily chart and trading at 9-week lows versus the dollar. The sterling moved higher nearly one percent following the election of the new Prime Minister Johnson however the rally looks to be at this point short lived. US and EU equity markets traded higher, US closed at fresh all-time highs and EU markets are at 2019 highs. Metals traded mostly sideways on a flat dollar and Oil was the big mover in the markets yesterday, as expected on the Inventories numbers. Despite the fell in US inventories by more than 11 million barrel and the Middle East tensions, record US production levels and slowing global demand sent prices lower 1.66% to a $55.33 per barrel close.
EU ECB Rate Decision and the ECB Press Conference starting at 12:45 are the important news on the agenda Thursday. (all times GMT).
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Silver prices are up 14% this month, trading at 12 month highs yesterday
Long $1,430 on Gold looks like the next breakout in commodity prices
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