The dollar and FX markets had little reaction to the better than expected job report and upward revisions for the prior months. The US economy signaled to the Fed it can take a break from interest rates cuts despite the unfinished trade agreement and overall weak business investments. EU currencies had little response to the news as well, sending the whole FX markets to a flat close on Friday. EU and US equities markets continued the trend, closing the week with another push higher to fresh 2019 highs. EU markets closed October up 5% while their Asian counterparts closed 7% up in Japan and 4% up in China. The Nasdaq lead the US indexes, up 5% in October as well. Metals traded sideways Friday on the flat dollar, Gold and Silver closed the week marginally lower at $1,510 per ounce and $18.04 respectively. Oil traded sharply higher on Friday, up nearly 4% after 4 straight losing session, that’s on the US China trade optimism and global markets rally. However, oil closed the week negative at $56.28 per barrel, down 1% for the week despite Friday’s big rally.
ECB President Lagarde speech at 7:30 pm is the important news on the agenda Monday. (all times GMT).
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EURCAD “bull-flag” long formation trade on daily chart for more upside on the pair.
Oil closed the week down 1% despite Friday’s rally on excess US crude outputs fears.
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