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Euro Down on German Election | USD/CAD Steady as Oil Prices Increase
Published September 25, 2017
The Euro is down as markets processed election results in Germany. Though Merkel and her Social Democratic party won a fourth term, the far-right nationalist Alternative for Germany (AFD) took 13.2% of the vote, winning 94 seats
The New Zealand dollar is lower after its election failed to produce a majority government, with neither the National Party (58 seats) nor the Labour Party (45 seats) winning the required 61 seats
USD/CAD could see some movement this week with Fed Chair Janet Yellen speaking tomorrow, Bank of Canada Governor Stephen Poloz speaking on Wednesday, and Canadian GDP data being released Friday. Market participants are all wondering whether Poloz will echo comments made last week by BOC Deputy Governor Lane regarding the economic impact of higher interest rates and a stronger Canadian dollar
Oil continued higher this morning after the conclusion of an OPEC-led committee meeting of major oil producers in Vienna on Friday, September 22, 2017. The committee announced record compliance to its supply/production cut agreements. WTI crude is up 1.36% to $51.35 (9:53AM EST) and Brent is up 1.67% to $57.81 (9:53AM EST)