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Market Update

Market Drivers – European Session 24/8/2022

The GBP/USD pair turned south and trades a handful of pips below the 1.1800 level, not far above a fresh multi-month low of 1,1716 posted on Tuesday. The greenback regains its dominance across the FX board, following a short-lived knee-jerk on Tuesday, following the release of tepid US growth-related figures. …

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US durable Goods Orders unchanged in July

New orders for manufactured durable goods orders in the US stayed virtually unchanged at $273.5 billion in July, the US Census Bureau reported on Wednesday. This reading followed June’s 2.2% expansion and came in worse than the market expectation for an increase of 0.6%. The publication further read. “Excluding defence, …

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Kuwaiti Oil Minister says his country has increased oil production in line with OPEC +

OPEC

On Wednesday, Kuwait’s official news agency said, citing the oil minister, that the country had increased crude oil production to 2.811 million b/d in line with the OPEC+ agreement. The minister added that years of underinvestment have resulted in spare capacity being extremely limited globally and that Kuwait will continue …

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