Italian Tensions Easing Market or Setting it up?

Tensions in Italy, eased EU shares were seen climbing with Asian Stocks, even with Chinese markets closed till the 8^th of October for National Day Celebrations and Germany closed for Unity Day commemorations today.

Commodities: Were mostly bullish Wednesday,

• XAU/USD: was ranging between 1,202.62 – 1,208.31
• Oil: Cranked up getting used to its new support levels above $75. Ahead of today’s Crude Oil inventories, WTI oil rallied 0.28% trading between 75.07-75.53. As uncertainties surrounding productions is deliberated on there are some projecting Brent Oil to reach $100 bbl by the end of the year.
• Nickel: Was amongst the few commodities treading water, down 0.20% swinging between highs of 12,575.00 to lows of 12,437.50
• Silver: was 42% up 14.745 with possible upside ranging from 14.720 – 14.855
• Copper: Climbed modestly by 12% oscillating between 799 – 2.820.

Currencies:

• EUR/USD  The EUR rose from almost 6 days of bearish trends on positive headways from the Italian budgetary reports, however, gains may remain in check. By the time of print 09:48 GMT the pair had edged up 0.23% swinging from 1.1536 – 1.1593
• GBP/ USD.Is hawkish although shaky ahead of UK Prime Minister Speech coupled with Economic data release on UK Services PMI which may fall below expectation. GBP/USD were up 0.22% trending from 1.2941 – 1.3053.
• USD/JPY pair was reported at 0.19% high, between 113.52 – 113.90.

Global Stocks: Were mostly bullish, however with a deluge of economic reports coming out the euro-area specifically German, and EU, Services PMI may disappoint market expectation.

• Germany30: Was up above Tuesday’s close yet up streams are contained in a range of 12,203.60 – 12,310.76.
• Italy 40Rallied by 0.29%to 20,555.00 in an uptrend ranging from 20,530.00 – 20,817.50.
• UK100 Surged from Tuesday’s lows, up 0.10% at 7,482.37 to range between  7,480.25 – 7,507.75.

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