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WTI could face some short-term consolidation – Commerzbank
Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggested that prices of the barrel of the NYMEX Light Crude Oil could attempt some consolidation in the low-$67.00s in the near term.
Singapore: Solid prospect for the Industrial Production – UOB
“Singapore’s October industrial production expanded 16.9% y/y (+2.4% m/m sa), bucking the previous month’s contraction of 2.2% y/y (-1.9% m/m sa) … Excluding biomedical manufacturing, industrial production rose 9.7% y/y. Accounting for the latest data, Singapore’s industrial production grew 12.8% year-to-date.”
“The expansion was underpinned by a broad uptick in all key sectors.”
USD/CAD retreats from two-month high amid weaker USD, Canadian GDP in focust
A fresh leg down in oil prices undermined the loonie and pushed USD/CAD to a two-month high.
A steep decline in the US bond yields weighed on the USD and kept a lid on any meaningful gains.
Investors now look forward to Canadian GDP, US data and Powell’s testimony for some impetus.