Strait of Hormuz: The World’s Most Important Oil Chokepoint

Strait of Hormuz: The World’s Most Important Oil Chokepoint

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With over a third of global seaborne crude oil and a fifth of oil traded worldwide flowing through the Strait of Hormuz, this narrow nautical channel may be the world’s most important chokepoint.

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The next two days are full of drivers with a slew of Fed speakers set to offer commentary; the big question is whether price action in USD poses a break.
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The Euro may fall against the US Dollar if ECB minutes carry ultra-dovish undertones and commentary from Jackson Hole spooks markets against the backdrop of Eurozone PMI data.
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The British Pound rose on the latest Brexit news, but it still has a way to go before clearing resistance. Meanwhile, Wall Street wobbles as US manufacturing contracts for the first time since 2009.
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