The dollar traded lower versus the JPY, Euro and GBP and higher versus commodities currencies, the AUD and CAD, however the drama in the FX markets took place in Argentina were the Argentinian Peso took a 30% dive versus the dollar on the surprise outcome of the primary elections. The JPY dominance of currencies markets continued yesterday on the move to safety, the JPY is up 4% this month alone versus the dollar. Global equity markets traded lower across the board on a variety of reasons, the unrest in Hong Kong, the political turmoil in Italy, the fresh and unexpected 25% dive in the Argentinian stock market, that’s on top of the US China currency and trade disputes. Bond yields decline yesterday is yet another negative sign for equities which traded lower more than 1% in the US and are weaker by the same token in the overnight Asian session. Metals traded higher yesterday on another move to safety, Gold closed at $1,512 per ounce yesterday, fresh 2019 highs and Oil surprised investors with a move higher from 2019 lows, following the decision by Saudi Arabia to limit exports to 7 million barrels per day in order to deplete global inventories and support prices. Oil closed at $54.34 per barrel yesterday.
UK Average Earnings Index at 9:30 am, German Zew economic Sentiment at 10:00 am and US CPI at 1:30 pm are the important news on the agenda Tuesday. (all times GMT).
|Global Markets 24 hours wrap-up|
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Nasdaq futures lower this morning, trade target is last weeks lows
Oil higher from 2019 lows over fresh Saudi Arabia proposed production cuts
GOLD at 6 year highs after another move to SAFETY yesterday in global markets
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