The Euro Surges to Fresh highs as Oil Dips on Inventory Report

The Euro surged higher as European bond yields surged, with Bunds outperforming. Earnings reports may underpin global growth hopes, but geopolitical risks and pressure on oil, iron ore and basic metals are weighing on commodity producers and stocks. FTSE 100 has been hit by a sharp drop in the Construction PMI, while the strong EUR is not helping the DAX, despite gains in technology shares, which were underpinned by results from Apple overnight, which reported much better than expected financial results after the bell on Tuesday. The API reported an unexpected build in crude oil inventories which took WTI lower. Eurozone PPI pulled back in July, in line with expectations.

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