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Market Reacts to US and Canadian GDP Data; Oil Prices Rise Ahead of Rig Count
Published April 28, 2017
Canada’s month-on-month GDP came in at 0.0% growth versus an expected 0.1%; the loonie remains weak against the US dollar in the mid-1.36’s
Canadian government data showed that gains in service-producing industries were offset by declines in goods-producing industries; today’s data on changes in prices for raw materials fell by -1.6%
US quarter-on-quarter advance GDP showed a reading of 0.7% versus an expected 1.3%; previous estimates for Q4 2016 GDP were revised upwards from 1.9% to 2.1%
European Consumer Price Index numbers showed slight improvements over expectations; euro annual inflation moved up 1.9% in April 2017, up from 1.5% in March 2017
Oil prices climbed this morning on further speculation and hopes that major oil producers will extend their deal to cut oil supply in order to stabilize the market; prices are expected to move again today when Baker Hughes releases their weekly oil rig count