Global equity markets rebounded yesterday after the brutal selloff from last week. As expected, US leading indexes led the rally higher while EU and Asian markets lag, that’s on expectations the Fed will step up for the US markets while the ECB gave no signs on the matter yet. More corona cases reported in the US made no difference to US investors that took US indexes higher 4.5% on average. The dollar selloff deepened yesterday, after the index lost nearly 0.9%, its biggest losing day so far in 2020 and is trading at 97.58 this morning, up 0.3% following yesterday rout. The Euro strength was also a negative for EU markets as well as the strength in the JPY over the USD. Gold and Silver traded marginally higher on the weaker dollar, Gold is at $1,597 per ounce this morning and Silver at $16.78 per ounce, both up 0.16% and 0.25% respectively. Oil prices rebounded from 2020 lows yesterday yet are again under pressure this morning, trading at $47.56 per barrel ahead of the OPEC+ meeting set to open this coming Thursday in Vienna.
UK GBP Monetary Policy Report at 9:30 am and G7 Meetings, all day, are the important news on the agenda Tuesday, (all times GMT).
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Gold and Silver gained back some of Friday loses and look prime for more upside on dollar weakness as investors price in more than 2 interest rates cuts this year.
Oil prices reversed yesterday from the steep 12% dive last week ahead of Oil Inventories numbers tomorrow and OPEC+ meetings Thursday.
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