Commodities Daily - February 20, 2019
> Oil range bound amid deteriorating global trade outlook, dovish Fed and Trump downplaying March 1 trade deal deadline. Today, we expect further growth in risk appetite and a weaker dollar following dovish Fed minutes (22:00 Moscow time). This should support Brent later in the day, which we expect to test the $67/bbl mark.> Gold prices soar yesterday, could hit $1,350/oz today on Fed minutes. Expectations about the minutes and new details about the US-China trade negotiations are what drove the growth. Our FX strategists expect the Fed minutes to show a FOMC moving toward a more dovish policy, which we think would push gold higher, even with the current high quotes, to $1,350/oz.
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