The dollar traded sharply higher versus the Euro ahead of the ECB meeting tomorrow as investors look for a dovish Central Bank guidance and a 50% chance of a 0.1% rate cut as soon as September. As a result, the Euro traded yesterday at 6-week lows 1.1140 versus the greenback. The turmoil in the British government sent the sterling back under the 1.2450 versus the dollar, looking at 2019 lows, while a lift in US Government borrowing limits is likely to support the USD near term. EU markets traded sharply higher on the weaker Euro and US markets traded higher on positive US China trade discussions. Metals traded lower on the stronger dollar, Gold closed yesterday at $1,417 per ounce while Oil traded higher ahead of the Inventories numbers today in the afternoon following the rise in tensions in the Middle East and expectations of lower crude stockpiles in the US. Oil investors will eye also the US production levels, set to return to all time highs following the renewed production in the Gulf of Mexico. Oil prices traded at $57.15 per barrel at the close yesterday.
EU Flash Manufacturing PMI at 7:30 am and Oil Inventories at 3:30 pm are the important news on the agenda Wednesday. (all times GMT).
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Trade of the week: GBPUSD SHORT Stop Loss updated to 2483
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