The dollar traded higher versus “safe heavens” following a reassuring statement from Chinese trade officials that calmed the tone and hinting that China is willing to work towards a trade agreement with the US, with a calmer attitude. Global equity markets reacted with a sharp move higher, sending the JPY, CHF and metals lower as investor flee “safe heavens” for riskier assets, the Euro and sterling traded marginally higher versus the dollar on the news. US and EU equity markets climbed on average more than 1% on the news, trading at August highs yesterday and looking positive this morning, ahead of the Labor Day weekend in the US. Investors looked away from the yields curve and focused on growth yesterday, sending the Nasdaq higher by nearly 1.5%, suggesting return to normal for investors near term. Oil prices responded with a move higher as well, closing up 1.6% at 56.58$ per barrel, that’s on markets optimism, the decline in US inventories and fears that the upcoming Florida hurricane will temper with Oil production in the Gulf of Mexico.
US Personal Spending and CAD GDP at 1:30 pm are the important news on the agenda Friday. (all times GMT).
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