The dollar traded mostly sideways closing a relatively quiet week in the FX markets, a week dominated by dollar strength versus emerging markets early and then a reversal to the flat line on Friday. The JPY continues as the best FX market in the past 6 weeks, trading at 2019 highs versus most majors and looking even stronger as the US China trade war and the new declared currency war is likely to heat up near term. Global equity markets closed a “crazy” trading week, down sharply last Monday, then 3 strong reversal days in the green back to flat and on Friday another setback in the leading indexes. Historically, August is a negative low volume lack of interest trading month, this year trading volumes are higher than average and every day turns on more drama, in line with President Trump tweeting spree. EU markets will follow the UK ongoing 3-year Brexit process as another set of talks on leaving the EU without an agreement is likely to sink the pound even lower. Commodities were on the winning column this week, Gold reached fresh 6 -year highs on the move to safety, trading above the $1,500 level, up 4% for the week, as well as another leap in Silver prices, also up 4% plus for the week. Oil reversed a red week coming higher from $50.5 per barrel – 2019 lows, yet closing marginally lower for the week at $54.36 per barrel, up Friday on OPEC fresh production cuts proposal.
There is no important news on the agenda Monday. (all times GMT).
|Global Markets 24 hours wrap-up|
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Oil higher Friday from 2019 lows over fresh OPEC proposed production cuts
USDCAD long trade still flat, CAD GDP failed to deliver, USD weak versus majors Friday
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