The dollar traded sharply lower for the second day in a row as investors move out to “safe heavens” on growth fears following the decision of the US government to impose tariffs on Mexico and the go nowhere trade negotiation process with China. Global slowdown fears hit the dollar yesterday sending both the Euro and sterling higher from 2019 lows and signaling some shift for FX traders near term. 10 years yields continued to plummet yesterday contributing to the overall bearish sentiment in the markets. Gold traded higher for the third day in a row, closing above the 1325$ per ounce, up 50$ over 3 days. Oil weakness continued yesterday with another red day that’s despite strength in the morning session however gains were lost on another late selling wave as crude closed at 52.88$ per barrel.
US FED Chairman Powell speech at 1:55 pm is the important news on the agenda Tuesday. (all times GMT).
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