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Canadian and US Trade Deficits Move Lower; Oil Prices Continue to Fall

Published May 4, 2017
  • Canada’s month-on-month trade balance showed a reading of CAD -0.14 billion versus an expected CAD -0.80 billion; US monthly trade balance came in at USD -43.7 billion versus an expected USD -44.5 billion
  • Canadian exports rose by 3.8% to a record high of CAD $47 billion in March; energy exports and consumer goods helped narrow the Canadian trade deficit 
  • As expected, the Federal Reserve left interest rates unchanged after yesterday’s meeting; the post-meeting note release indicated a positive assessment of the US economy
  • The Fed’s notes suggested that they are still anticipating raising interest rates two times this year; officials expect the US economy to rebound after a sluggish first 3 months of 2017
  • US unemployment claims fell more than expected to a three-week low of 238,000
  • European Central Bank President Mario Draghi is set to speak at 12:30 PM EST; Bank of Canada Governor Stephen Poloz will speak at a press conference in Mexico at 4:25 PM EST
  • Oil prices dropped by nearly 2% to a five-week low this morning; data from the US Energy Information Administration showed US crude stockpiles fell less than expected last week