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Loonie Improves on Mixed US Inflation Data; Oil Prices Continue to Improve

Published May 12, 2017
  • G7 finance ministers and central bank leaders began a two-day meeting earlier today in Bari, Italy; main topics on the agenda are inequality, international tax rules, cyber security and blocking the funding of terrorism
  • The US month-on-month consumer price index (CPI), an index that marks the change in price of goods and services purchased by consumers, came in at 0.2% as expected; the core reading (CPI minus food and energy prices) came in at 0.1% versus an expectation of 0.2%
  • US month-on-month retail sales showed a reading of 0.4% versus an expectation of 0.6%; the core version came in at 0.4% versus an expectation of 0.5%
  • FOMC Members Charles Evans and Patrick Harker are set to speak at 9:00 AM and 12:30 PM EST respectively; both FOMC officials are likely to comment on the mixed inflation and retail sales data from this morning
  • Oil prices tempered their gains this morning as investors took profit after two straight days of strong gains; crude is nearing a weekly gain of 3% after a larger than expected drawdown of US oil inventories
  • Algerian and Iraqi officials also helped oil prices move higher when they stated their respective nations would support OPEC in their efforts to cut supply beyond June 2017
  • Commodity analysts will look to the Baker Hughes rig count later today; last week the count rose by 6 to a total of 703 in what was the sixteenth straight weekly increase