Oil Collapse Pushes Loonie Lower; ECB Minutes And U.S. Inflation In Focus

Here are the latest developments in global markets:

FOREX: The is marginally higher on Thursday, attempting to extend the massive gains it posted in the previous session. is up by 0.21%, having touched a fresh high for the year earlier. Meanwhile, the dropped on Wednesday as collapsed, erasing the gains it posted after the , to trade much lower in the aftermath. STOCKS: US markets closed lower yesterday, as trade concerns remained the dominant theme. Some spectacular losses in oil prices also pushed energy stocks lower. The Jones dropped by 0.88%, the by 0.71%, and the tech-heavy by 0.55%. However, sentiment seems to have turned around, as futures tracking the , , and are all currently signaling a higher open today. The shift in appetite was evident in Asia too, which was a sea of green. Japan’s and climbed by 1.17% and 0.46% respectively, while in Hong Kong, the gained 1.48%. Europe was a similar story, with futures pointing to a higher open for all the major benchmarks today. COMMODITIES: Oil prices collapsed on Wednesday, with WTI falling by 5.0% and collapsing by 6.9% in the day. In dollar terms, WTI dropped by $3.73, and Brent by $5.46. The massive losses followed news that Libyan oil exports will soon return to normal levels, bringing back a significant chunk of supply to the market. A surge in the US dollar, data showing Saudi Arabia continues to raise its production, and concerns around the impact of trade tensions on oil demand, may have played a role too. In precious metals, plunged yesterday as well, pressured by a strengthening US dollar. Since the yellow metal is denominated in dollars, a strengthening greenback renders it less attractive for investors using foreign currencies. It’s currently trading near $1,244, not far above its lows for the

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