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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 AccessCPI-Induced USD Slide Sees Crude Rise, Gold Surge
- Crude prices traded above $80/bbl for the first time since May today before flittering either side of the level as the USD slid on softer than expected CPI data.
- It helped limit the impact of an unexpectedly large build in weekly US crude inventories later on (EIA weekly showed build of 5,946mn tons, vs estimated draw of 108mn tons).
- Later in the session, Bloomberg reported that Russia's Urals crude topped the G-7 price cap of $60/bbl for the first time. The price cap allows Russian oil to be transported with western ships and insurance only if it’s priced below the threshold.
- WTI is +1.5% at $75.99, clearing the key resistance at $75.70 (Jun 5 high) to open $76.35 (Apr 28 high) after which lies $78.62 (Apr 24 high).
- In options space, the day's most active WTI strikes for the CLQ3 have been $75/bbl calls, followed by $70/bbl puts.
- Brent is +1.2% at $80.36, clearing $79.94 (Fibo retrace of Apr 12 - May 4 downleg) and stopping three cents short of $80.58 (Apr 26 high).
- Gold is +1.3% at $1958.10 with the CPI miss helping it reverse an earlier small decline and pushing spot closer to resistance at $1968 (Jun 16 high).
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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.