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Oil rallies as mixed markets digest recent action

Stock markets around the world have been mixed overnight on limited news. The NIKKEI rose 0.4%, the Dow and DAX are flat while the FTSE and Nasdaq 100 are down 0.2%.  Apple's late day pullback following its iPhone launch event and index actions is indicative of a tired market where traders are looking to take profits and reload.

Currencies have also been mixed this morning. GBP is down slightly as soft wage growth eased pressure on the Bank of England to raise interest rates. Although a rate hike tomorrow looks unlikely, traders may be looking for hints from Governor Carney or other MPC members on when the bank may start easing back on stimulus. Last time there were two hawkish dissenters in voting.

CAD and AUD are trading higher this morning boosted by a 0.8% rally in the WTI oil price. Last night API reported a 6.1 mmbbl increase in crude inventories and a 7.9 mmbbl decline in gasoline inventories.  Traders may be starting to look past the storms, viewing last week as the point of maximum disruption. Energy markets may remain active through today's DOE reports. 

Inflation remains in focus with US producer prices today and consumer prices tomorrow. these numbers could impact speculation on next week's FOMC  meeting and US Dollar trading. 

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Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.