The dollar traded sharply higher versus majors yesterday after another move out of the “Safe Heavens”, the JPY and CHF and investors accepting more risk taking in the FX markets. The positive sentiment towards the US China preliminary trade agreement sent the dollar higher versus the JPY and CHF while most other FX markets traded a typical lackluster Monday session, on narrow trading ranges and low volumes overall. EU and US equity markets traded yesterday at fresh 2019 highs backed by the positive sentiment and trading higher for the fourth day in a row. Metals traded lower on the stronger dollar and the move away from safety, Gold closed the trading day at $1,510 per ounce and Silver at $18.04 per ounce. Oil traded higher on expectations on a US China trade deal that will most likely boost demand and stabilize the market. Oil closed higher for the second day in a row after 4 red days, closing at $56.55 per barrel, up nearly 0.5% on the day.
CAD Trade Balance at 1:30 pm and ISM Non-Manufacturing PMI at 3:00 pm are the important news on the agenda Tuesday. (all times GMT).
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EURSX50 futures traded at fresh 2019 highs and looking for a daily breakout this morning.
Oil changed course after 4 red days last week, higher two days in a row on US China trade optimism and expectations for increased demand.
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