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Busy Week Ahead in US Data; Oil Prices Fall on Increased US Production

Published January 29, 2018
  • The greenback recovered some of its losses this morning, but is still wallowing near mid-2015 lows. On the US calendar this week we have Personal Income and Personal Spending today, Trump’s State of the Union address tomorrow, the Fed’s FOMC rate announcement on Wednesday, and Non-Farm Payroll and Unemployment capping off the week Friday.
  • The latest round of NAFTA talks wrap-up in Montreal today, seemingly without making much headway. Closing statements could be interesting, particularly from the US if they choose to maintain their hard-line, protectionist tone
  • The British pound is under pressure after a report out of the UK earlier today suggested that legislation to end Great Britain’s membership in the EU is fundamentally flawed and should be changed substantially.
  • Oil prices are down this morning as traders try to balance the steadily increasing production out of the US against OPEC’s ongoing attempts to ease an overabundance of global stockpiles. WTI crude is down 0.70% to $65.68 with Brent crude down 1.09% to $69.75 at the time of writing.