Fueled by cheap power and government subsidies, Norway is racing to ditch the “fossil car”. Starting this month, electric car owners will be able to drive down a narrow ramp between rough-hewn rock walls dripping with condensation and plug in at one of 86 charging stations—for free.
It was an active night for global markets, including a terror attack in Iran, the takeover of Banco Popular in Spain--not to mention the American Petroleum Institute Report that showed a big drop in crude supply but big increases in gasoline and distillates.
Thanks to soft U.S. economic data of late, expectations about an aggressive rate hiking cycle by the Fed has diminished. This has weighed heavily on the U.S. dollar, underpinning the likes of the euro/U.S. dollar (EUR/USD) currency pair, gold and undermining the likes of the USD/JPY and USD/CHF.