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Market Wire Update:
Wall Street got off to a lower start in response to a lackluster Asian and European period of trade, and tempered in it's momentum by the U.S. private sector ADP jobs read that printed negative 371k jobs; although better than expected, still a large number of unemployed. The ISM Services read came in at 46.4, and revealed the first contraction in the survey since the upwards momentum started to build four months ago.
In all, the equity market was offered a dose of reality, outside of recent earnings reports that may have flattered to deceive, and that will now pressure the long speculative interest in oil markets to hold their hand, in the face of reduced global growth forecasts. The oil inventory numbers showed an increase, again in inventory levels.
Short equity and oil trade equates to a long Usd in general, however, on Wednesday that did not follow through for one reason; oil prices moved higher in the face of indifferent fundamentals. The major pairs followed the oil market, and ignored to the greater degree the negative price action in equities, and that leaves most under pressure if crude prices back off 71.00.