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Crude Oil Drops after Surprise US Weekly Buildup

Oil prices fell on Wednesday after the release of the US weekly crude inventories. The report by the Energy Information Administration (EIA) showed a larger than expected buildup of 6.5 million barrels, when the forecast called for a small drawdown of 1.5 million barrels. Yesterday the API oil inventory report came in with a -2.1…

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U.S. Treasury said to release currency policy report today

The U.S. Treasury Department is poised to release its much-awaited foreign-exchange policy report to Congress on Wednesday afternoon, according to an administration official. The semi-annual review of currency regimes of the U.S.’s 12 major trade partners and Switzerland will be released on Treasury’s website late in the day in Washington, the official said, declining to…

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Canada: Monthly Survey of Manufacturing, August 2018

Manufacturing sales fell 0.4% to $58.6 billion in August, following three consecutive monthly increases. The decline was mainly due to lower motor vehicle sales. Excluding this industry, manufacturing sales rose 0.4% in August. After taking price changes into account, the volume of sales in the manufacturing sector edged down 0.3% in August. Motor vehicle industry…

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U.S. Housing Starts Fell in September Amid Hurricane Florence

U.S. new-home construction fell in September on a decline in the South that may reflect disruptions from Hurricane Florence, government figures showed Wednesday. Highlights of Housing Starts (September) Residential starts dropped 5.3% to 1.201m annualized rate (est. 1.21m) after downwardly revised 1.268m pace in prior month Multifamily home starts fell 15.2%; single-family declined 0.9% Permits,…

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DAX under pressure as automaker shares slip

The DAX index has posted considerable losses in the Wednesday session. Currently, the index is at 11,713, down 0.54% on the day. In economic news, Eurozone Final CPI edged up to 2.1%, matching the forecast. Eurozone Final Core CPI edged lower to 0.9%, also matching the estimate. As well, EU leaders will hold a 2-day…

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EUR/USD is

EUR/USD is steady in the Wednesday session, after posting slight gains to start the week. Currently, the pair is trading at 1.1579, unchanged on the day. On the release front, German ZEW Economic Sentiment plunged to a level of -24.7, well below the estimate of -12.3 points. Eurozone ZEW Economic Sentiment followed a similar trend, falling…

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Dollar Lower After Retail Sales Awaits FOMC Minutes OANDA Market Beat Podcast

OANDA Senior Market Analyst Alfonso Esparza reviews the major upcoming market news, macro analysis and economic indicator releases that will impact currencies, stocks other asset classes. Subscription available on iTunes https://goo.gl/TZEWRW and GooglePlay https://goo.gl/cRBk39. Tune in every Tuesday and don’t miss a beat as we cover the hottest trends impacting the markets in the week…

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