The dollar traded lower following the FOMC meeting after Fed Chairman Powell dovish statement and the decision to stay put this month with interest rates. The dollar traded marginally lower versus majors despite the dovish Fed tone however the run out of the dollar was felt overnight in Gold as futures surged near 3% as 10-year US Treasury yields slipped below 2%. 8 Fed members now see at least one tick lower in interest rates this year. Global equity markets responded with another move higher and US markets are again within 1% from all time highs levels, erasing all loses of the markets in May. Gold traded this morning at $1380 per ounce, at 5-year highs after spiking to $1392 per ounce overnight. Oil closed higher yesterday following the Inventories numbers, US stockpiles were lower than expected by 3.1 million barrels and production levels lower than expected as well. Oil closed marginally higher at $54.37 per barrel.
UK Retail Sales at 9:30 am, UK BOE Official Bank Rate at 11:00 am and BOE Gov Carney speech at 8:00 pm are the important news on the agenda Thursday. (all times GMT).
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