The dollar is opening the trading week at 5-week lows versus majors as investors swing around FX markets looking for leadership and having a tough time finding it. The sterling traded sharply lower yesterday, losing 0.7% from 2019 highs as investors took profits following the result of the UK Election. Global equity markets continued their rally yesterday, all US leading indexes led by the heavy tech Nasdaq traded at all-time highs while EU markets are trading at 2019 highs as well. The positive sentiment is likely to continue as we approach the year end and the Holiday season which is typically a positive time for global markets. Gold and Silver traded sideways yesterday on the move from “safety” closing at $1,480 and $17.05 per ounce. Oil traded mostly sideways, awaiting news from OPEC+ and trading at 3-month highs following expectations of demand rebound following the US China trade agreement. Oil closed at $60.29, up 5 dollars from December lows.
UK Earnings Index at 9:30 am and US Building Permits at 1:30 pm are the important news on the agenda Tuesday. (all times GMT).
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The JPY is under pressure as investors switch from “safety” to riskier FX markets following the relief in Global markets
The FTSE trades sharply higher on the UK Elections results.
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