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The US dollar was stronger on upbeat consumer data and on the back of an exodus of funds away from the euro and the yen. Markets were also bullish ahead of tomorrow’s retail sales figures.

Markets will be nervously eying events in China this week with particular emphasis on the Chinese authorities and any possible intervention.

Oil futures stabilized on Wednesday after experiencing some of the biggest falls in three months. Brent crude futures stabilized around the 56 dollar mark despite physical supplies of crude rising on the week.