The dollar and most FX markets traded mostly sideways opening the trading week on a flat note with no major news on the agenda and positive US China trade sentiment. The sterling traded higher versus the dollar following the big selloff day Friday as sentiment switch once more and investors await the UK vote on the Brexit, following the UK elections. Most other FX markets traded a lackluster session. US and EU equity markets reacted positively to the US China trade news, closing sharply higher at all-time highs in the US and near 2019 highs in the EU. Metals continue their slide on the move away from “safety”, Gold closed at $1,454 per ounce and Silver at $16.86 per ounce, both closing lower on the day. Oil traded higher on markets optimism to a $58.03 close, that’s following expectations of OPEC+ continuing their production cuts thru 2020 on one hand and record US production levels and inventories on the other.

US CB Consumer Confidence, New Home Sales and Richmond Manufacturing index at 3:00 pm are the important news on the agenda Tuesday. (all times GMT).

Global Markets 24 hours wrap-up
1 YEAR16.66%5.12%18.62%16.86%7.16%23.89%
Swing report
OIL57.9884026/1157 new position
GBPUSD28750.8-1526/112910new position

The Sterling traded higher yesterday in expectation of an upcoming Brexit resolution.

Oil prices reversed higher yesterday on global markets US China trade optimism.

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