The Sterling was the bright star in the FX markets yesterday, trading at 5-month highs versus the dollar as the EU and Britain are steps from closing on the Brexit deal, meetings are set for Thursday and Friday. The sterling traded yesterday at 1.2750 versus the dollar and at 0.8650, 6-month highs versus the Euro. The positive sentiment carried into EU equity markets and US equity markets, both traded higher across the board other than UK markets which closed flat on the stronger sterling. The strong opening of the US earnings season contributed to the rally in global markets, up more than a percent on average. Metals fell sharply yesterday, trading lower on the move away from safety, Gold closed at $1,481 per ounce and Silver at $17.18 per ounce, down more than 1.5% on the day. Oil traded lower despite the strength in global equity markets, that’s on concerns of a global economic slowdown and despite OPEC production cutting efforts. Oil closed at $52.96 per barrel, down 1.3% on the day.
ECOFIN meeting all day, CAD Employment change at 1:30 pm and US China trade talks in the afternoon are the important news on the agenda Friday. (all times GMT).
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Nasdaq futures traded higher yesterday on positive earnings and Brexit news.
GBPUSD closed yesterday at 5-month highs as the BREXIT agreement is finally coming to a close.
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