The US dollar was under pressure against its major counterparts except for the JPY on Wednesday. On the economic calendar front, MBA Mortgage Applications fell 7.0% for the week ending September 11 compared to a decrease of 6.2% in the week prior. CPI MoM fell -0.1% in August as expected. CPI YoY increased 0.2% in-line with estimates.
The Euro was lower against its major counterparts with the exception of the JPY and HKD. In Europe, final Eurozone CPI for August eased to 0.1% year on year (0.2% preliminary). In UK, the unemployment rate dropped to 5.5% in July, above expectations.
The Australian dollar was higher against all its major pairs except for the GBP.
After the close of Wall Street, WTI Crude Future (OCT 15) was up $2.6 to $47.17. The contract was above its 20D MA (@ $43.85) and above its 50D MA (@ $46.44). The US Department of Energy reported that, for the week ended 11 September, crude oil inventories fell 2104k barrels compared to the previous week.
Gold was up $14.7 to $1120. The precious metal was below its 20D MA (@ $1128) and above its 50D MA (@ $1119).
Copper Future (DEC 15) on Comex was up 2.8c to 245.4c/lb. The contract was above its 20D MA (@ 235.37c) and above its 50D MA (@ 239.41c). In Europe, the London Metal Exchange reported its copper inventories decreased 2675 tons to 332175 tons.