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Forex market reviews

11 August 2016

Commodities

Natalia Milchakova

Market mixed, Chinese investment strong

The oil market on Wednesday saw the oil markets demise hasten. On 10th August, Brent fell 2.5%, dropping to $43.81 per barrel. On Thursday morning, the players are trying to push up prices, with $43.83 going for a barrel; a modest effort so far from the bulls. The reason for the fall on Wednesday was the data from the US showing a commercial oil reserve fall in the country of just 1.055 million barrels for the week, with the market expecting the fall to be no less than 1.4 million.
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Market sessions

Gabriel Ojimadu

Correction for euro

The euro/dollar on Wednesday reached 1.1190 thanks to purchases of the euro for the British pound after a failed BoE auction. The central bank didn’t manage to acquire enough long-term state bonds as part of its program.
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10 August 2016

Media reviews

Fiona Chen

Bank of England survey bolsters view of weaker British economy (news:10/08/16)

Growth slowed across British business services and consumer spending eased last month, a Bank of England survey showed, offering a more mixed picture of the economy than some of the gloomier indicators since June's Brexit vote.
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Commodities

Natalia Milchakova

Downtrend on the crude market continues

Last week the downtrend on the crude oil market was broken, and crude prices went up. The prices of WTI rose 4% and reached $42.7/bbl. On August, 8, the price of WTI reached its weekly high of $42.81/bbl. However, the next day it failed to remain at that level and plunged 0.25% to $42.7/bbl. The important resistance level is located at $45/bbl. Nevertheless, WTI price did not yet reach this level.
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Commodities

Natalia Milchakova

Chinese FDI figures more than desirable

The oil market on Tuesday saw a correction on the week’s growth, albeit a pretty weak correction. On 9th August, Brent fell 0.4%, being unable to hold at the $45 per barrel level, and closing at $44.97. On Wednesday morning, the fall in oil quotes is continuing, although the stock market players have been trying their best to take $45 per barrel and then even strengthen above it. The morning of 10th August sees Brent on the IPE for $44.92, but the maximum price has already risen to $45.03.
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Market sessions

Gabriel Ojimadu

Euro ready to strengthen further against the dollar

My expectations for yesterday rang true. The euro dollar consolidated in a 1.1070-1.1105 range and then headed upwards. The trend line was broken at 1.1105. The road to 1.1215 is now open.
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Alexander Razuvaev
Alexander Razuvaev

Director of Alpari's analytical department

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