The dollar traded sharply higher versus the JPY following US President Trump decision to delay imposing tariffs on electronic and clothing imports. The move took the markets by surprise, sending “safe heavens” sharply lower and the dollar higher, to its best day in 2019 versus the JPY, up 1.6% on the news before paring gains overnight. Commodities economies gained on the news, as well as emerging markets other than Argentina, as the peso took another 5% dive versus the dollar. It remains to be seen if this move out of safe heavens will gain momentum or is it just a short-term bounce for the JPY. Global equity markets responded aggressively to the news, the technology sector traded higher near 2% in the US and EU equity markets reversed a red day to near 1% gains across the board. The rollercoaster didn’t skip Gold and Silver investors, Gold traded its biggest range trading day in 2019, reversing $50 from 6-year highs and closing the day marginally lower at $1,501 per ounce after trading as high as $1,534 in the morning session. Oil prices moved sharply higher on the news to close at $56.7 per barrel, ahead of the most important inventories number today in the afternoon.
UK CPI at 9:30 am and Oil Inventories at 2:30 pm are the important news on the agenda Wednesday. (all times GMT).
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Oil trades 3% higher on tariff delays ahead of the Inventories numbers today at 10:30 am.
Nasdaq futures reverse higher following the tariff delay news led by semis and AAPL.
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