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ECB interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged. Surprises by changing forward guidance on interest rate new TLTROs.

EIA reported huge crude oil storage Build of  +7069k bbls balancing out last week's -8647k bbls witht another build at Cushing of +873k bbls last week. Gasoline drew a larger than expected -4227k bbls .The shale revolution continues with production maintaining the new record high at 12.10 mbpd ATH. 

The Bank of Canada held its key lending rate at 1.75 percent on Wednesday as expected. The BoC said rate hikes depend on oil and housing outlooks evolve, taking out the explicit hiking tone.

The US trade deficit in December rose from the prior month to $59.8 billion seeing the gap widen in 2018 to a 10-year high of $621 billion as goods deficits with China, Mexico, EU widened to records. Tax cuts boosted domestic demand for imports as the strong dollar and retaliatory tariffs hurt exports.

The Reserve Bank of Australia (RBA) as expected kept interest rates on hold at the historic low of 1.5 per cent for the 31st consecutive meeting in March. Household income seen picking up. Low rates seen supporting economy.

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