Ordinarily, the API data on Tuesday evenings is viewed as a signpost to the much more important and watched EIA/DOE inventory report that graces our screens on Wednesdays.
Some would argue that the geopolitical risk premium completely evaporated one month after the Hamas attack on Israel, others are convinced that it is still built in the price and without it the market would be significantly lower.
Every nuance and move by a central bank is bound to catch the attention of the market’s eye and this remains so with the decision by the Reserve Bank of Australia to hike its interest rate this morning by 25-basis points in the face of stubborn inflation.
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