The sterling was the focus for FX markets yesterday after the “no-deal” Brexit worries resurfaced and UK lawmakers fight over negotiations process and control, that’s more than 3 years after the vote. The sterling took a 1% plus dive versus majors, trading at the 1.2 level versus the dollar, at Brexit lows. Both the Euro and the Chinese Yuan are trading lower this morning as expectations for a US China trade resolution are fading this morning. Weak EU data yesterday also contributed to Euro weakness, the Euro is trading at 24-month lows versus the dollar, at 1.095 this morning, on expectations for more ECB monetary easing on its upcoming meeting in 2 weeks. EU markets other than the UK traded mostly sideways yesterday, UK markets traded higher on the weaker sterling and US markets were closed for Labor Day. Metals traded mostly sideways despite the stronger dollar, Gold closed at $1,529 per ounce, as well as Oil which close marginally red at $54.77, both after a choppy low volume session.
US ISM Manufacturing at 2:00 pm is the important news on the agenda Tuesday. (all times GMT).
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Silver long trade idea after pullback and “double bottom” pattern looking up this morning
Sterling sharply lower yesterday over “no-deal” Brexit fears, trading at 3-year lows versus USD
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