Despite narrow trading, commodities stayed at elevated levels in European sessions. With the Fed’s meeting outcome being the most important event today, midterm election results and economic releases have taken a backseat today. The front-month contract for WTI crude oil price have been moving sideways above 84 throughout the day while gold remained pressured below 1360. More economists predict the Fed will disappoint today. RBC Capital Markets said that USD will gain support if there’s more than 1 members voting against resumption of QE.
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Growth in Oil Demand Surprises to the Upside in 3Q10
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