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1 FxNet Market News on Thu Sep 24, 2015 5:09 am

Markets were mainly affected by European Central Bank (ECB) President Mario Draghi’s speech. Draghi spoke in Brussels before the European Parliament's Committee on Economic and Monetary Affairs on Wednesday saying that the future of the quantitative easing program is difficult to forecast.

"more time is needed to determine whether the loss of growth momentum in emerging markets is of a temporary or permanent nature and to assess the driving forces behind recent episodes of severe financial turbulence" he said.

Following Draghi's speech EUR/USD added 0.44 percent to 1.1105 and was expected to find support at 1.1086 and resistance at 1.1209. EUR/NZD lost 0.17 percent to 1.7785. EUR/GBP lost 0.2 percent to 73.29 pence.

Elsewhere total British car production rose almost 41 percent to 99.919 cars for August according to the Society of Motor Manufacturers and Traders (SMMT).

The greenback was 0.2 percent lower than the Japanese yen in early Asian trading on Thursday at 120.03 yen.

AUD/USD remained close to its two and a half week lows at 0.6992 consolidating at 0.6997. The pair was expected to find support at 0.6942 and resistance at 0.7095.

NZD/USD added 0.26% to 0.6294. The pair was expected to find support at 0.6233 and resistance at 0.6405.

New Zealand's trade balance for August widened to a deficit of 1.035 billion NZ dollars month on month, higher than the 850 million NZ dollars deficit seen. Late on Wednesday NZD/USD added 0.17 percent to 0.6287.

The US dollar index which measures the greenback against a basket of six major currencies was up 0.1 percent during Thursday’s early Asian trade at 96.173; still below Wednesday’s two and a half week high of 96.548.

The Energy Information Administration (EIA) released data on Wednesday showing that U.S. crude oil stocks were 1.9 million barrels lower for the week ending September 18th more than expectations of a 533,000 barrels decrease.

Oil prices gained momentum following the bullish news with Brent climbing 29 cents to 48.04 dollars a barrel. US Crude added 33 cents to 44.81 dollars a barrel.

Gold futures for December delivery on the Comex of the New York Mercantile Exchange lost 0.04 percent trading at 1,131.00 dollars a troy ounce. Elsewhere on the Comex Silver for December delivery added 0.04 percent to 14.795 dollars a troy ounce while Copper for December added 0.21 percent to 2.299 dollars a pound.

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