The dollar traded higher yesterday after another Brexit mishap, the UK Parliament declined UK PM Johnson fast track legislation, sending the sterling lower nearly 1%, back below the 1.29 level. The Euro traded lower versus the greenback as well, closing at the 1.11 level. The focus in the FX markets is going to stay on the sterling and the Brexit saga near term, at least until the Brexit resolution or the next Fed meeting, coming up next Wednesday. Most other FX markets traded mostly sideways, looking into the next week Fed meeting for more clues on the dollar rate path. US equity markets traded lower on technology sector weakness while EU markets traded mostly sideways, the EURSX50 closed marginally higher on the day, up 0.13%. Gold and Silver traded in a channel, closing near the flat line for the tenth day in a row. Oil turned green yesterday ahead of the Inventories numbers today in the afternoon, that’s on OPEC+ decision to cut production by 1.2 million barrels per day and the positive US China trade talks sentiment. Oil closed at $54.21 per barrel, up 1.7% on the day.
Oil Inventories at 2:30 pm is the important news on the agenda Wednesday. (all times GMT).
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Sterling pulls back sharply from 5-month highs on another Brexit setback. yesterday.
Oil Inventories set to be released today at 10:30 am US are likely to set the tone for crude prices near term.
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