The dollar traded lower versus majors following the 47.8 ISM Manufacturing PMI reading, the worst on 10 years. The release was sharply lower than the 50.2 reading expected sending the dollar lower from 2-year highs versus majors. More to come Friday after the release of the NFP, a stronger and more important gauge for the US economy short term. US equity markets reacted to the manufacturing numbers with a sharp move lower, sending indexes to a minus 1% close. EU markets traded lower as well, closing the trading day at their lows, and losing 1.4% on average yesterday. The move to safety made a comeback yesterday, that’s after a sharp pullback in Gold and Silver over the past week. Gold closed higher at $1,481 per ounce and Silver prices reversed to close at $16.75 per ounce. Oil will be in focus for investors today, after the release of the Inventories numbers today in the afternoon and following the sharp drop in prices over the last two weeks. Prices closed lower again yesterday, on global recession fears and increased projected US stockpiles, that’s despite record lows OPEC production levels and well as lower Russia and US production outputs, Oil closed lower 0.75% at $53.88 per barrel, at 4-week lows.

US ADP non-Farm Employment change at 1:45 pm and Oil Inventories at 2:30 pm are the important news on the agenda Wednesday. (all times GMT). 

Global Markets 24 hours wrap-up
1 YEAR-0.2%-1.53%2.37%3.81%-10.32%10.92%
Swing report
NASDAQ77308-30530/97700stopped out
DAX122334402/1012270new position
OIL54.288 -202/1055new position
GBPUSD23610.840326/92311 stopped out

Oil looks lower on global recession fears and ahead of the Inventories numbers today in the afternoon.

DAX futures short trade from “bear flag” formation after by selloff day yesterday.

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