Oil Prices Extend Losses
Oil prices extend losses today because of the weak data on manufacturing in the US and China and the estimates for growth of oil reserves in the US.
The price of US crude oil West Texas Intermediate (WTI), October delivery, fell by $1.14 earlier at $44.27 while Brent oil was falling by $0.91 at $48.65.
The future contract of WTI recorded a significant drop of around $3.79 on Tuesday, while that one of Brent fell by $4.59 after the release of China and US data that showed a decrease in activity in their industries.
Euro Drops Below $1.13
Euro moves downwards against the dollar today, with the market focusing its attention to the European Central Bank meeting on Thursday.
In particular, at 10:20 GMT, euro moved with losses of 0.37% at $1.1274 while today it began trading from the levels of $1.1314.
The investors face euro as a safe haven because of the instability in China and the imminent increase in interest rates by the Fed. In this context, the market believes that the ECB will soon have to take action to curb the rise of euro as it undermines efforts to boost inflation in the Eurozone.
US ADP: Slightly Less Jobs Added By The Private Sector Than Estimates In August
The data released by ADP showed that slightly less Jobs were added by the private Sector than the estimates in August. The ADP report showed 190K jobs in August while the economists made an estimation for the jobs to be 200K.
The Non-farm-payrolls report on Friday is expected to show 220,000 employed people last month and the unemployment rate to fall at 5.25% from July’s 5.3%.