The dollar traded sharply higher versus majors, making its strongest move in more than 3 months, after US President Trump told reporters at the UN that the China trade deal could come sooner than expected, sending both the US dollar and US equity markets sharply higher. The pressure put on the dollar and the markets following the impeachment inquiry versus Trump faded yesterday just 24 hours after it has sent US markets 1% lower as investors shrug the possibility after the release of the call to Ukraine PM. The sterling sunk yesterday more than 1% versus the dollar after another turn in investors minds following was is a totally unclear path for the Brexit near term. Metals traded sharply lower on dollar strength as investors took big positions out of the “Safe Heavens” – Gold, Silver, JPY and CHF. Gold closed at $1,506 per ounce, down $25 on the day. Oil traded lower on the inventories number which came higher than expected by 2.4 million barrels and following the quick recovery of Saudi Arabia crude production following the attacks on its infrastructure 10 days ago. Oil closed lower at $56.6 per barrel, yet well of daily lows.
ECB President Draghi speech at 2:00 pm and BOE Gov Carney speech at 2:45 pm and are the important news on the agenda Thursday, (all times GMT).
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Gold long 10 day trade stopped out a $30 winner after the big selloff yesterday.
GBPUSD “bear flag” short trade looking for more downside second day.
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