img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgOnline Dealing Login

Canadian GDP Growth Surpasses Expectations; Oil Moves Down on Increased Libyan Exports

Published May 31, 2017
  • Canadian month-on-month GDP growth surprised the markets this morning with a growth rate of 0.5% versus an expected 0.2%; USD/CAD remains in the high 1.3400s
  • FOMC member Robert Kaplan spoke earlier today at The Council of Foreign Relations in New York; Kaplan adds to the chorus of voices from the Federal Reserve ahead of their June 13-14 meeting
  • Odds of a rate hike in June stand at 84.7%, up from last week’s 77.6%; US unemployment and earnings data on Friday will provide further guidance for the Fed on their interest rate decisions going forward in 2017
  • Oil prices are under sharp pressure this morning ahead of today’s US oil inventory data release from the American Petroleum Institute; prices for the commodity may drop off further if the API’s data shows a less-than-expected drawdown of oil supplies
  • Rising production in Libya has also created worries of oil oversupply; Libya, a country that is exempt from the OPEC cut agreement, has noted that their oil production is expected to rise to 800,000 barrels per day this week, up from the average of 500,000 per day
  • OPEC, nevertheless, continues to boast high compliance for member’s supply cut adherence in May; non-OPEC member Russia also showed that their oil production numbers were in line with the cut pledge
  • The euro is stronger this morning off new data showing that European unemployment moved down to an 8-year low last month, to 9.3%; the jobless rate hit an all-time low of 5.7% in May