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Forex Today: Oil collapse deepens, spooks market and US dollar stands tall

Markets gear up for a busy start to Wednesday’s EUR macro calendar, with the UK March Consumer Price Index (CPI) and Producer Price Index (PPI) dropping in at 0600 GMT. Amid coronavirus-led economic turmoil and oil-price plunge, softer inflation figures seem to be already priced-in by the markets. Therefore, the data could likely fail to have any substantial impact on the pound.

Meanwhile, there is no relevant economic release from the Euro area and hence, the dollar dynamics and oil-price-driven market sentiment will continue to dominate. Brexit headlines will likely take a back seat, with the focus on the risk trends and virus updates.

In the NA session, the Canadian CPI and Housing data will be reported at 1230 GMT, followed by the Eurozone Consumer Confidence gauge at 1400 GMT. For oil and CAD traders, all eyes will remain on the US Energy Information Administration’s (EIA) weekly Crude Oil Stocks Change data due on the cards at 1430 GMT.


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