The dollar traded sharply higher versus majors for the second day in a row, as investors move into the greenback expecting no near future interest rate cuts and expressing confidence in the US China upcoming trade agreement. The JPY traded lower 0.6% versus the dollar and closed the trading day just below 2-month lows. US, Japan and EU equity markets traded mostly sideways, refusing to pull back from 2019 highs and holding on to the strong October gains. EU markets are up more than 6.7% over the past 30 days and the NIKKEI 225 is up 8.8% over the same time period. Metals traded sharply lower on the stronger dollar and the move away from safety, Gold closed at $1,486 per ounce and Silver plummeted 2.5% to $17.61 per ounce, the biggest drop in more than 8 weeks. Oil managed another green day ahead of the Inventories numbers today in the afternoon, closing at $57.13 per barrel on US China trade optimism and the overall bullish sentiment in global markets.
US FOMC Member Evans speech at 2:30 pm and Oil Inventories at 3:30 pm are the important news on the agenda Wednesday. (all times GMT).
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Gold traded sharply lower yesterday on the stronger dollar and the move away from safety.
Oil lower this morning ahead of the Inventories numbers at 10:30 am US.
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