Mediterranean troubles
Crude prices steadied above 81 $/b for the March ICE Brent contract and front-month backwardation remained strong, above 60 cents, as Libyan output was expected…
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At the same time, the rebound of the USD reflects both this nervousness, but also the possibility that the anticipated tightening of ECB policy will be lighter than expected.
Japanese GDP growth was revised from +0.3% to +0.5% q/q in Q2. The economic calendar is still light today. The euro is trading below USD 1.184.