FOREIGN EXCHANGE
RBA raised rates 25bps to 6.75% as expected saying the economy had to slow to contain inflation, leaving the door open for
further hikes (RTRS)
China should balance the make-up of its USD 1.4trl stockpile of foreign exchange reserves so strong currencies such as the
Euro offset weakening currencies such as the dollar, according to a senior political figure (RTRS)
ENERGY
Oil prices surged deeper into record territory touching $98 as the dollar hit new lows and traders fretted about a winter fuel
crunch due to thinning oil stocks and a North Sea storm (RTRS) At 0625 crude was trading $97.97 up 128c. Gold also trading up at
new 28-year highs, trading $836.27 at 0625.
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