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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBouncing Greenback Reverses Recent Oil Gains
- A multi-decade high CPI print underpinned a solid USD rally into the Wednesday close, countering any support provided by a bullish set of DoE inventories data. WTI crude futures shed as much as 3% at some points of the session, putting WTI on track to test the week's lows of $81.05/bbl.
- Weekly DoE inventories numbers may have stalled declines, with the data showing a smaller than expected build in reserves. This was compounded by Gasoline and distillates stocks, which showed an unexpected draw of 1.5 and 2.6mln bbls respectively.
- Gold and precious metals were the main beneficiaries of the CPI release, with spot adding close to $45 to reach session highs of $1868.7. Gains faded ahead of the close, but gold still managed to print the best levels since mid-June on the initial reaction.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.