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The FxPro Analyst Team

Oil Inventories Expected to Show a Draw as Prices Fall on Iran Deal News

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At 08:00 GMT, Swiss ZEW Survey – Expectations (Apr) are expected to be released with a prior reading of 16.7. This data has been weakening since a reading of 52.0 was recorded in December 2017. A reading under 16.7 has not been recorded since December 2016. This illustrates a drop in economic expectations in Switzerland. CHF crosses may see a spike in volatility should the data differ from the expected consensus.

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At 14:30 GMT, US EIA Crude Oil Stocks Change (Apr) data will be released with an expectation for a draw of -2.043M barrels, against a previous reading of -1.071M barrels. This data has played its part in sending oil prices higher this month, as supply and demand take over. Seasonally, there is a draw on stocks into high summer, then a recovery before winter demand kicks in. Oil prices sank yesterday from a high of $69.30 to $67.49, as the private inventories data suggested a surprise build of 1.099M, against a consensus of -2.250M. Discussions between the French and US Presidents about a new Iran deal also had an effect. A drop under $67.50 may force downward pressure on prices.

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At 20:15 GMT, Bank of Canada Governor Poloz is due to testify along with Senior Deputy Governor Carolyn Wilkins before the Standing Senate Committee on Banking, Trade and Commerce, in Ottawa. CAD crosses may be heavily traded as a result of this event.