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Crude oil inventories in the United States were much lower than initially expected this week as a storm cut production in the Gulf of Mexico. Stockpiles fell as many as 8 million barrels in the week to October 30 as the decline in domestic production continues around the Gulf. Crude production fell as much as 600,000 barrels per day to 10.5 million barrels per day last week. Other key figures in the largest economy, such as Markit Composite PMI and Services PMI, also increased throughout the month of October by 54.3 to 56.3 and 54.6 to 56.9, consecutively. As the market waits closely for results in the presidential elections, these technical-economic indicators are likely to drive the market more in today’s trading. It’s also important to note that Brazil’s industrial production has been declining as of late. Although the rate was higher than expected, the figure had fallen from 3.6 percent to 2.6 percent, only slightly above the 2.2 percent expected.
Romania’s government claims it has the best economic performance in Europe in terms of investments, industrial activity, and employment. The volume of investments reached its highest in recent years, which resulted in a positive contribution to its gross domestic product. Industrial production has been growing steadily in Romania, or at least according to its Prime Minister Ludovic Orban. Stronger budget revenues have also lasted over the past three months. Employment has also been getting better than before the coronavirus even began, and wages have gone higher by 7.5% percent as of August. As the government continues to prepare measures to boost its economic growth throughout the year, its currency is projected to lift against a more uncertain dollar as the market awaits the results of its presidential elections with Biden in the lead. For now, Romania’s refusal to shut down will buoy the leu.
Norway is winding down from its labor protests. The country beat coronavirus positivity rate from 10 percent to 1 percent among those tested, and its unemployment rate is beginning to rise back to pre-pandemic levels with about 106,000 out of work, only 2 percent of its population. Norway’s rise is projected to assist its currency’s rise against the single currency, especially now that more economists have claimed that it had weathered the pandemic better than most of its European neighbors. Traders will keep their investments for the krone as worries prevail of the now-slowing services PMI figures in the eurozone, especially in key economies such as France, Spain, and Italy. Its largest economy, Germany, on the other hand, had seen its index fall lower than 50 points for two months in a row. The overall services PMI across the bloc had seen a shallower decline than expected at 49.5, but it was still down against September’s 50.6.
Hungary is in another state of emergency. Parliament will be asked to extend the lockdown by 90 days with a curfew between midnight and 5:00 from Wednesday. This was led by a sudden surge in daily new coronavirus cases, which upped by 84 new deaths to bring its overall death toll to 1,973. The number of coronavirus patients reached 4,767 at the time, as well. Hungary now has the third-highest Covid-19 death rate per million in the eurozone, only behind countries such as the Czech Republic. Meanwhile, technicalities are benefitting the euro currency. The eurozone participants witnessed a decline in Services PMI, but most economies’ declines were shallower than initially expected. The relative optimism is projected to keep the euro up against its near-term rivals as markets await updates in the US elections, which could determine a better relationship with the eurozone in regard to trade and geopolitics.
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