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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut Rates Later
MNI EUROPEAN OPEN: A$ & Local Yields Surge Following Jobs Data
Prices Recover Somewhat After Data Show US Crude Drawdown, US CPI Later
Oil prices fell on Tuesday but are higher today after industry data showed another US crude inventory drawdown. Risk sentiment is also supportive while the USD is little changed. Brent is up 0.5% to $81.11/bbl following a low of $80.89 but off the high of $81.40. WTI is 0.6% higher at $78.81 after rising to $79.10 and then falling to $78.62.
- Despite downward risks to prices from OPEC reducing its output cuts from October while also revising down its demand outlook, both Citigroup and Goldman Sachs believe that Brent could rise to the mid-$80s, according to Bloomberg.
- Bloomberg reported another large US crude stock drawdown of 5.2mn barrels last week, according to people familiar with the API data. Gasoline fell 3.69mn but distillate rose 612k. The official EIA data is out later today and if it is in line with API, it will be the seventh consecutive weekly decline.
- As well as demand/supply fundamentals, geopolitical uncertainty remains at the fore with an attack by Iran or Hezbollah on Israel expected and Ukraine’s continued incursion into Russian territory.
- Later the focus will be on US July CPI which is forecast to remain at 3% y/y but for core to ease 0.1pp to 3.2% (see MNI CPI Preview). UK July CPI/PPI, euro area Q2 employment/GDP and June IP are also released.
To read the full story
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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.