The dollar and FX markets traded a narrow range lackluster session awaiting more on the US China trade talks set to resume on high level officials tomorrow. The Sterling traded lower versus majors following news that a Brexit agreement is unlikely to be achieved near term, sending the currency lower nearly 0.5%. US and EU equity markets traded lower on US China trade worries, that’s part on the NBA scandal and part on Chinese Visas restrictions, the US banning Chinese officials from entering the US on civil rights violations. Both markets lost 1% and are looking vulnerable to more downside as long as the US China trade disputes are on the table. The Fed meeting later this month can serve the markets well if it will deliver an unexpected rate cut this month and Fed Chairman Powell pointed to a balance sheet expansion in his speech yesterday, however not mentioning a timetable for it yet. Gold and Silver traded higher as expected following the weakness in global equity markets, Gold closed at $1,509 per ounce and Silver at $17.62 per ounce. Oil traded mostly sideways and closed at $52.53 per barrel, awaiting the most important Inventories numbers today in the afternoon.


Eurogroup meetings all day, Oil inventories at 2:30 pm, Fed Chairman Powell speech at 4:00 pm in Kansas City and FOMC Meeting minutes at 7:00 pm are the important news on the agenda Tuesday. (all times GMT). 

Global Markets 24 hours wrap-up
8.10.19-0.6%-0.17%-0.34%-0.17%0.4% -0.72%
1 YEAR-0.06%-2.23%2.6%3.34%-8.47%16.32%
Swing report
NASDAQ774012-6394/107694stopped out
GOLD1502501608/101498new position
GBPUSD22072-108/102230new position
OPEN PROFIT  $280   

The sterling traded sharply lower on no-deal Brexit news, “bear flag” trade triggered.

Gold traded higher on the move to safety following the selloff in global equity markets.

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