Quick Overview

• China announced the main parts of its new currency basket are the U.S. dollar, the Euro, the yen, and the Korean won.
  
  

• Oil prices rocketed to a record high of $65 a barrel Wednesday, powered by refinery outages and falling gasoline inventories
• The DOE said that: Crude oil supplies were up 2.8 million barrels last week.
  Supplies of unleaded gasoline were down 2.1 million barrels
  Supplies of heating oil s were up 4.3 million barrels.
  The DOE reported 95.0% refinery use.
  
  
  

• The International Coffee Organization increased its estimate of 2005-2006 world coffee production from 105 to 106 million bags. They increased the estimate of the 2004-2005 world coffee crop from 110.5 to 113.1 million bags because of larger than expected production in Vietnam.
  

• The Bank of England said that they expect GDP growth to surpass 3.0% in 2007. They also see inflation rising in the next few months, making more cuts in the interest rate less likely.
  

• Tokyo's Nikkei share average rose 2 percent to a fresh 15-month intraday high on Wednesday amid growing optimism about the Japanese economy. The Conference Board's index of leading indicators for Japan increased 0.5% in June to 98.6. Machinery orders were up 11.1% in June to the highest level in five years.