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1 FxNet Market News on Wed Sep 23, 2015 4:44 am

EUR/USD fell late on Tuesday trading between 1.1114 and 1.1207 before settling at 1.1132, 0.51 percent lower for the session. This comes after the pair had gained for eight straight sessions. The pair was expected to find support at 1.1086 and resistance at 1.1713.
China's Caixin Manufacturing index for September fell to 47 from August's 47.3, falling to a 78 month low. In response the Aussie fell weaker as Australia is China's biggest importing partner, AUD/USD lost 21 percent trading at 0.7075 late on Tuesday, while USD/JPY added 0.05 percent to 120.22.

The US dollar index was 0.15 percent higher at 96.64.

The Asia Development Bank (ADB) lowered its 2015 economic growth projections for China from 7.2 percent to 6.8 percent. The bank also revised its economic growth expectations for India from 7.8 percent to 7.4 percent. Economic growth for the entire Asian region was reduced from 6.3 percent to 5.8 percent, as for the Southeast Asian Region forecast was lowered to 4.4 from 4.9.

Gold futures for December delivery on the Comex of the New York Mercantile Exchange lost 0.12 percent trading at 1.123.50 dollars a troy ounce following the drop in China's Manufacturing Index (considering china is one of the world's largest gold importers). Silver for December lost 0.24 percent to 14.720 dollars a troy ounce, while copper for December delivery lost 0.39 percent to 2.295 dollars a pound understandable as China accounts for approximately 40 percent of all copper consumption in the world.

The American Petroleum Institute (API) said that crude stocks were lower by 3.7 million barrels for last week better than the expected 700,000 barrel drop. West Texas Intermediate (WTI) crude for November lost 0.33 percent trading at 46.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery on the Intercontinental Exchange (ICE) traded between 47.70 and 49.17 dollars a barrel before settling at 49.03 dollars, 0.22 percent higher for the day. Later in the day the US Department of Energy will release numbers on crude and refined product stockpiles.

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