The dollar traded lower for the third day in a row this week following comments from Fed Chairman Powell that showed the Fed is open to the move of lowering interest rates if slowdown in the economy and lower inflation will team up to back the move. While the dollar traded in narrow ranges yesterday following the speech, global equity markets responded with a sharp move higher as US Technology stocks showed buying interest after 7 red days and EU equity markets traded higher on automakers strength. It remains to be seen if the move from 5 weeks lows will carry into today session and reversed the brutal outcome of May, down 6.5% on the S&P 500. Metals traded marginally higher on the softer dollar and OIL finally showed some support at the 52.5$ per barrel level ahead of the most important inventories numbers today in the afternoon.
US ISM Non-Manufacturing PMI at 1:30 pm and Oil Inventories at 2:30 pm are pm the important news on the agenda Wednesday. (all times GMT).
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