The dollar traded higher after 4 losing sessions following the stall in the Brexit process and ahead of another vote on the Brexit coming to the UK Parliament today in the afternoon. The sterling lost momentum after a 4-day mega rally and is trading below the 1.2950 level this morning. The Euro also traded lower from 8-week highs versus the greenback, closing red after 4 strong trading days higher. US and EU equity markets opened the trading week on a positive note, technology stocks traded higher across the board and corporate earnings are likely to dominate the agenda for the markets short term. Metals traded marginally lower on the stronger dollar, Gold closed at $1,486 per ounce and Silver closed at $17.57 per ounce, both trading sideways for more than 2 weeks. Oil traded lower on global growth worries and demand concerns and OPEC attempts to stabilize the markets seem to fail short as crude prices closed at $53.58, down nearly 1% on the day. Overall crude prices are down 20% from April highs and looking weak into the Inventories numbers tomorrow.
CAD Federal Elections and UK Brexit talks are the important news on the agenda Monday. (all times GMT).
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Sterling pulls back from 5-month highs this morning on another Brexit vote in the UK Parliament today in the afternoon.
Oil trades lower this morning on global demand worries and OPEC over supply concerns and ahead of the inventories numbers tomorrow..
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