The dollar index traded sharply higher versus majors as investors react to the renewed US China trade war and the new 200 billion worth of tariffs imposed on Chinese imports to the US. Investors fled to the dollar leaving “old time” safe heavens empty, the JPY and Gold were both sharply lower yesterday despite the poor performance of global equity markets. The biggest loser yesterday was Oil, down 5% on its worst performing day in two years, that’s on news of renewed full production from Libya and demand worries due to the trade tension between the US and China. Despite the drop in US inventories OIL closed below 71$ per barrel yesterday.
ECB Monetary Policy meeting accounts at 12:30 am and US CPI at 1:30 pm are the important news on the agenda Thursday.
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