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Oil Moves Higher; Market Reacts to USD and CAD Trade Balances

Published March 7, 2017
  • The US dollar continues to strengthen against other major currencies this morning as investors maintain bets on an interest rate hike at the next FOMC meeting on March 15; Fed officials are now in a media blackout period until the next meeting
  • Canadian trade balance showed a slightly better turnout at 0.8b versus an expected 0.2b; US trade balance came in at the expected -48.5b
  • President Donald Trump offered praise to Exxon Mobil after the oil giant announced they would invest $20 billion through 2022 and create over 40,000 jobs in expansion of its oil refining plants on the US Gulf Coast
  • Oil is up nearly half a percent this morning after Iraq and Angola signaled their willingness to extend their participation in the OPEC deal into the second half of 2017
  • Saudi Arabia also surprised markets overnight by cutting their selling price for Arab Light crude to its Asian customers; oil analysts had expected a price increase
  • German factory orders fell in January by -7.4% in what was the largest drop since 2009; this sharp decrease has added to the euro zone’s worries despite a positive GDP release this morning