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WTI Crude falls as stockpiles rise in the US

FXStreet (Mumbai) - WTI Crude hit a session low of USD 42.01/barrel after the data from the Energy Information Administration (EIA) in the US showed crude stockpiles rose for the tenth week.

Crude could drop for seventh consecutive session

WTI Crude may very well be on its way to post losses for the seventh consecutive session after the EIA data showed stockpiles increased by 9.622 million barrels, which is significantly higher than the expectations of a 3.8 million barrel increase. Moreover, trading at a 6-year low, WTI Crude is on track for the longest losing run since July.

The futures currently trade at USD 42.45/barrel. The losses could be extended further if the US dollar strengthens post the release of the FOMC statement.

WTI Crude Technical Levels

The immediate support is seen at 42.00, under which prices could drop to 40.00 levels. On the other hand, a rise above 42.93 could see prices rise to 53.59 (5-DMA) levels.

USD/JPY remains in lows near 121.10

The greenback is grinding lower vs. its Japanese counterpart on Wednesday, sending USD/JPY to the lower bound of the daily range at 121.15/10...
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BNPP: USD/JPY safer for long USD exposure into FOMC meeting – eFXnews

The eFXnews Team shares BNP Paribas’s view for the FOMC meet, with BNPP of the opinion that using USD/JPY to maintain a long USD exposure into the Fed statement is better than through EUR/USD.
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