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Markets await BoE interest rate drop

Stats from the EIA on Wednesday showed a 1.413 million barrel rise in US oil reserves. They were expected to fall by 1.833 million barrels. However, this had no effect on oil’s rebound due to sellers fixing profits. Yesterday Brent rose from $41.6 per barrel to $43.4. This morning has seen the benchmark trading in a $43.3-43.6 range.

Yesterday’s growth on US markets has been continued this morning throughout the majority of Asian markets. The Nikkei 225 has risen by 0.8%. The ASX Australia is up 0.3%. The Shanghai Composite has decreased 0.1%, and the Hang Seng is up by 0.7%. Futures for the S&P500 were trading at 2158; 0.1% above the closing level of the previous trading day.

In July, service sector activity rose in China. This statement can be substantiated by figures from both Caixin Media and Markit. China’s July PMI in the service sector stood at 51.7 (June: 52.7). The PMI represents the level of business activity for enterprise. A value above 50 means growth and a value below means a fall in activities.

The USD was trading up against the yuan this morning at 6.6383 (+0.0041 or +0.06%).

Some positive service sector stats came out better than expected yesterday in the US, just as were job creation figures. Due to this. The EURUSD dropped from 1.1225 to 1.1150. The pair yesterday was trading without any particular direction and in a 1.1135-1.1155 range. The interest decision for the UK will today come out of the Bank of England, with a subsequent press conference to be held by the Bank’s governor, Mark Carney. In the US June manufacturing order data is due.


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