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Oil Prices Continue to React to OPEC Decision; USDCAD Responds to Economic Data

Published May 26, 2017
  • US GDP data came in at 1.2% versus an expected 0.9%; the US dollar remains mixed against the loonie as oil prices and economic data move the currency pair
  • Oil prices remain highly volatile this session; prices dropped nearly 5% yesterday due to investor disappointment on OPEC’s decision not to deepen cuts in their 9-month extension
  • OPEC members and other producing nations, however, still maintain faith that this plan will bring down the global supply of oil to its five-year average of 2.7 billion barrels
  • Investors remain skeptical as US production has already risen by 10 percent since mid-2016; the US now produces 9.3 million barrels per day, nearing output by Russia and Saudi Arabia
  • Leaders from the G7 group of nations commenced their meeting today in Taormina, Italy; US President Donald Trump has made headlines with direct criticism of Germany
  • The Great British Pound is under pressure this morning after a poll showed that the Conservative Party’s lead over the Labour Party shrank to just 5 points; the pound hit a two-month low against the euro this morning due to market worry that Theresa May will not achieve a majority win in the upcoming June 8 election