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A short while ago the US petroleum giant, Exxon Mobil revealed their Q3 earnings. The company missed on Q3 revenue by some $4 billion ($90.02 billion versus expected $94.2 billon). Granted the EPS was improved slightly to $1.92. Brent crude which had risen further since the last update here, was already on the way lower when these results emerged. Earlier Brent for January delivery had peaked at $74.94. It has since dropped towards $74.15 after these Exxon results. To be honest though, whilst Exon earnings surely reflect the oil price falls most recently, they do not in themselves dictate the underlying demand/supply equation. So, whatever falls seen right now, they may not count, if news elsewhere delivers further demand in the short term
Well, you were alerted to something rather strange going on this afternoon in Gold and since then the metal has taken another lurch lower. This time...
The US stock markets have not long reopened for the final trading session of the week. It has been a very modestly higher opening across the board...
Given the reaction in the GBP/USD and the USD/JPY after the US sales data you might easily be forgiven for thinking the EUR/USD should be above 1.05...
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