FX markets and global equity markets are opening the trading week the way they closed Friday, sharply lower, on a move to the JPY and CHF in FX markets and a move out of equities into cash and “safe heavens”. The JPY is trading this morning at 18-month highs versus the dollar, resulting in a move lower in the Nikkei by more than 2% this morning. As the trade war between US and China is heating up again, investors switch to defensive markets and opt for cash, the more obvious choices at this point are Gold and the JPY. Equities markets closed Friday the worst performing week of 2019, down more than 3% and looking at more problems this morning, on a weakening Yuan and a big selloff in Asian equity markets this morning. Gold opened the trading week near 2019 highs, trading at $1,454 per ounce and Oil opened the trading week at $55 per barrel and looking susceptible for more downside on global trade worries and a move to safety, despite the aggressive 2% plus move to the upside on Friday.
US ISM Non-Manufacturing PMI at 2:00 pm is the important news on the agenda Monday. (all times GMT).
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Trade of the week: EURGBP long
OIL short following global markets weakness this morning
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