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Market Update – News and Market Wrap – Breakdown Oil USDCAD

jeffriess
November 7, 2019
by Joseph Jeffriess, Market Analyst

Article Recap

Points of interest;

• Safe- Havens rally to risk
• Oil inventories increase to 7.9M
• Oil falls from 2-Month highs
• Gold adds 0.49% after 1.70% drop

Tonight’s key economic news

• EUR 9:00 pm EU Economic Forecasts
• GBP 11:00 pm BOE Monetary Policy Report – MPC Official Bank Rate Votes – Monetary Policy Summary – Official Bank Rate EXP Hold 0.75%
• GBP 11:30 pm BOE Gov Carney Speaks

Stocks saw a quieter night in trade, Europe ended the session mainly higher with the CAC adding 0.34%. US indexes traded mixed with the Nasdaq dropping 0.29% Gold regained some of its sharp losses while oil dropped over 2% after inventory figures showed a 7.9m barrel increase in stockpiles. Traders will be looking to the BOE tonight, rates are expected to remain on hold, but traders will be looking for future policy direction hints in the policy summary and policy report.

In today’s market update video, we do a breakdown of the moves we saw overnight in oil and the USDCAD.

All times are AEST.