THE DAILY REPORT
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GDB - Services PMI 6:30PM
EUR - Services PMI 6:30PM
Retail Sales 7:00pm
USD - ADP Employment Change
Major Bloomberg & Reuters News
‘Australian dollar delivers rate cut central bank can’t Provide’
Australia’s currency is set to head even lower as local interest rates fall further behind U.S. levels, delivering a dose of stimulus the central bank has long sought but been reluctant to provide itself.
The RBA’s cash rate is now 75 basis points below the Federal Reserve target, the widest gap since 35 years ago when the Aussie dollar was first floated. The differential is only set to grow as the U.S. keeps tightening and Australia stays on hold at a record low 1.5 percent -- which markets and economists think will be the case for at least another year.
‘Oil Rally Pauses after API reports small build in crude inventories’
The American Petroleum Institute (API) reported a build of 907,000 barrels of United States crude oil inventories for the week ending September 28, compared to analyst expectations that this week would see a build in crude oil inventories of 1.132 million barrels.
Last week, the American Petroleum Institute (API) reported a build of 2.903 million barrels of crude oil.
The API reported a draw in gasoline inventories as well for week ending September 28 in the amount of 1.703 million barrels. Analysts had predicted a build of 1.156 million barrels in gasoline inventories for the week.
Oil prices were down in afternoon trading prior to the release of the API data on inventories. At 1:16pm EDT, WTI was trading down 0.35% (-$0.26) at $75.04. While down for the day, this is still $3 per barrel over last week’s Tuesday afternoon prices, and $5 up from prices two weeks ago as the market settles on the notion that Iran’s oil supplies may be restricted to a greater extent than previously thought, including Iran’s oil exports to China and India.
(Times In AEST)
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