Dollar pares some gains as markets await Fed’s decision
The US dollar rose against most of its major peers on Wednesday, but pared some of its gains ahead of the Federal Reserve's decision later today.
The US Federal Reserve's monthly meeting will conclude later today, amid expectations of holding the benchmark interest rate near zero.
The decision will be followed by will be followed by a press conference from the Fed Chief Jerome Powell to comment on monetary policy.
Major US companies started announcing their Q2 business results this week, led Microsoft and Alphabet, both of which reported strong profits and revenues.
Efforts to contain the coronavirus pandemic are continuing around the world, especially after the emergence of the new highly transmissible Delta variant in some countries.
The dollar index fell against a basket of major currencies by 0.1% to 92.5 points as of 17:52 GMT, after hitting a high of 92.7 points and a low of 92.4 points.
US crude inventories fall over 4 million barrels
The Energy Information Administration reported today that the US crude inventories fell 4.1 million barrels to 433.5 million barrels during the past week, while analysts forecasts a drop by 2.5 million barrels.
Gasoline stocks fell 2.3 million barrels to 234.2 million barrels, and the distillate stocks fell 3.1 million barrels to 139.2 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 4.7 million barrels during the same period.
US stocks fall ahead of Fed's decision
US stock indices fell in early trading on Wednesday, awaiting the Federal Reserve's decision later today.
The US Federal Reserve's monthly meeting will conclude later today, amid expectations of holding the benchmark interest rate near zero.
The decision will be followed by will be followed by a press conference from the Fed Chief Jerome Powell to comment on monetary policy.
Major US companies started announcing their Q2 business results this week, led Microsoft and Alphabet, both of which reported strong profits and revenues.
Efforts to contain the coronavirus pandemic are continuing around the world, especially after the emergence of the new highly transmissible Delta variant in some countries.
As for stocks, Dow Jones fell 0.3% or 100 points to 34,959 as of 14:22 GMT, and S&P 500 fell less than 0.1% or 1 point to 4,401, while Nasdaq rose 0.7% or 104 points to 14,764.
Oil hits 2-week high ahead of EIA's weekly report
Oil prices continued to rise as the US market opened on Wednesday, resuming gains after taking a pause yesterday, following a large drop in the US crude inventories according to the API's preliminary data, and ahead of the EIA's official report.
US crude rose 1.0% to the highest since July 15 at $72.57 a barrel, after opening at $71.88, and hit a low at $71.84, and Brent crude rose 0.75% to $75.28 a barrel, after opening at $74.73, and hit a low at $74.60.
The US crude lost 0.4% yesterday, and Brent crude fell 0.3%, in the first daily loss in 5 days, due to global demand concerns.
The American Petroleum Institute reported 4.7 in preliminary data that the US crude inventories fell 7.98 million barrels during the week ending July 23, while analysts forecast a drop by 2.5 million barrels.
The total US commercial inventories fell to 441.4 million barrels, which is the lowest level since the week ending February 7, 2020, in a positive sign of the US domestic demand.
The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 2.6 million barrels.